Fletcher Building has successfully completed the institutional entitlement offer component of its $418 million underwritten entitlement offer and $282m underwritten placement.
The institutional entitlement offer, which was part of a 1 for 4.49 pro-rata accelerated non-renounceable entitlement offer, raised approximately $593m in gross proceeds.
Eligible institutional shareholders showed strong support, with 91% opting to take up the entitlement offer.
All existing eligible institutional shareholders who bid for their pro-rata allocation of the placement were allocated at least that amount of new shares.
The retail component of the entitlement offer is set to open on September 26 and close on October 8.
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