NAB 1.10% $18.88 national australia bank limited

nab raises $2bn in one hour after 'overwhelmin

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    Article from: The Associated Press

    NATIONAL Australia Bank will place shares with institutions at $20 each, after its offer was oversubscribed following "overwhelming'' demand, the head of the bank's Australian operations Ahmed Fahour told AAP.

    NAB announced the $2 billion placement to institutions and sophisticated investors earlier today.

    It took just one hour to build the book from the fixed price offer of $20 per share, said Mr Fahour.

    The pricing is equivalent to a 9.7 per cent discount to NAB's closing share price on Friday of $22.15.
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