Grocery wholesaler Metcash has announced the successful completion of its $325 million share placement.
Metcash announced that it had placed the $325 million in fully paid ordinary shares on the market and the offer was strongly supported by existing shareholders and new investors.
The shares were priced at $3.50, a 6.4 per cent discount to the last closing price of Metcash stocks on Wednesday.
The share offer is part of the company's capital raising to fund acquisitions and growth opportunities.
The company's planned acquisitions include Automotive Brands Group (ABG), which includes the Autobarn and Autopro stores.
"We are extremely pleased with the success of the Institutional Placement and, in particular, the support shown by the institutional investment community for Metcash's growth plans," Metcash chief executive officer Andrew Reitzer said.
Settlement of the new shares is expected to take place on Wednesday, July 4 and quotation on the following day.
Metcash shares were down 37 cents, or 9.89 per cent, at $3.37 on Friday .
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