PSC Insurance Group Ltd (ASX: PSI) has announced an $80m capital raise
PSC Insurance Group Ltd (ASX: PSI) has announced it has received firm commitments for a capital raising via a placement of 17,777,778 fully paid ordinary shares to selected institutional and sophisticated investors to raise $80m at $4.50/share (representing a 5.3% discount to the closing price on 9 March, 2022). The funds will be used over time to assist with the funding of acquisitions in accordance with the Company’s growth strategy.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.
Following the announcement, shares in PSC Insurance Group Ltd traded 5.74% lower at $4.56 per share.
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