NAB announces $750 million capital raising
National Australia Bank is looking to raise around $750 million through the offer of convertible preference shares (CPS), expected to be quoted on the Australian Stock Exchange (ASX).
The company announced the capital raising on the ASX today, saying the CPS shares would be called NAB CPS Shares II.
They will be offered with an issue price of $100.
NAB group treasurer Eric Williamson said the offer was part of NAB's strategy to enhance balance sheet strength by maintaining an efficient capital position.
An initial prospectus has been lodged with ASX and the Australian Securities and Investments Commission (ASIC).
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