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Bank of Queensland (ASX: BOQ) has raised the bulk of a $275 million capital raising announced yesterday through the completion of a $250 million institutional share placement.
The Brisbane-headquartered bank is raising the funds to strengthen its balance sheet and increase its buffer above the Australian Prudential Regulation Authority's (APRA) "unquestionably strong" capital ratio benchmark.
In an announcement this morning the bank said its trading halt would likely be lifted before the market opens.
The company raised the extra funds by issuing approximately 32.1 million new fully paid ordinary shares at $7.78 each, representing a discount to the previous closing price of $8.64.
"We are pleased with the strong support we have received from investors," says chief executive officer George Frazis.
"The funds raised will further increase BOQ's buffer above APRA's "unquestionably strong" benchmark and provide BOQ with additional capacity to support implementation of our strategic transformation."
BOQ will now undertake a share purchase plan (SPP) to raise the remaining $25 million, with a booklet containing further details to be sent to eligible shareholders on or around 3 December.
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