Macquarie Group (ASX:MQG) completes $1.5b institutional placement

Macquarie Group (ASX:MQG) began trading again today after completing its $1.5 billion institutional placement.

The placement will result in 7.7 million new fully paid ordinary shares at $194.00 per share, representing a 1.9 per cent discount to the closing price of $197.83 last Thursday. 

The investment banking company said that eligible institutional shareholders who bid for an amount less than or equal to their ‘pro rata’ share of the placement shares were allocated their bid in full and approximately 90 per cent of the placement shares were allocated to existing Macquarie shareholders.

Placement shares issued will rank equally with existing Macquarie ordinary shares on issue from allotment, and as they will be allotted prior to the dividend record date, will be entitled to receive the 1H22 dividend. 

“We are very pleased with the success of the Placement and the strong signal of support delivered from Australian and international institutional shareholders,” said CEO Shemara Wikramanayake.

“Macquarie remains committed to investing in the growth of our businesses in a disciplined manner. The capital will provide us with additional flexibility to invest in new opportunities where the expected risk adjusted returns are attractive to our shareholders, while maintaining an appropriate capital surplus.”

Shares in Macquarie Group (ASX:MQG) are trading 0.4 per cent lower at $196.97.