BoQ plans to raise $275m

Mercury (Hobart) - - BUSINESS -

BANK of Queens­land has an­nounced a $275 mil­lion cap­i­tal rais­ing plan to build a buf­fer above APRA’s new eq­uity bench­marks and to give the lender room to plot its growth. It sought a trad­ing halt on the ASX yes­ter­day to let it raise $250 mil­lion through an in­sti­tu­tional share place­ment and $25 mil­lion un­der a share pur­chase plan.

The place­ment price will be de­ter­mined by a book­build across $7.69 to $7.78 per new share, rep­re­sent­ing a 10 to 11 per cent dis­count on the com­pany’s last close of $8.64.

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