Westpac Banking Corporation (WBC) has announced a Renounceable pro rata Entitlement Offer to raise additional equity capital with eligible retail security holders given the option to purchase 1 for every 23 shares already owned at a discounted price.
The issue price under the entitlement offer will be $25.50 per new share, representing a 16% discount to Westpac’s closing price prior to the offer been announced and a 13% discount to the theoretical ex-rights price (TERP).
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