Macquarie takes new fundraising to A$1.2bn

The Australian investment bank has received more than 55,000 applications for a share purchase scheme that will result in the issue of A$669m of new ordinary shares. It follows a A$540m private placement completed earlier in the year.

Macquarie Group has successfully completed its share purchase plan after receiving over 55,000 applications from its shareholders, representing around A$669 million (€386 million; $550 million) of new ordinary share capital.

Macquarie said it would accept all the valid applications it has received as part of the offer, which will result in the allotment of up to 25.2 million new shares priced at A$26.60 each. The shares are expected to be allotted by the end of this week.

Last month Macquarie announced it had raised A$540 million in an institutional private placement. The group has raised a total of A$1.2bn so far this year through the placement and the share purchase plan.

Macquarie’s chief financial officer Greg Ward said the capital raised would be put towards enhancing the group’s capital position and providing the flexibility to take advantage of future market opportunities.