Metcash in $330 million capital raising to drop debt and fund acquisitions

 In Australia

Major grocery supplier Metcash has become the latest major retailer to seek capital from investors in the face of COVID-19, raising $330 million to bolster its balance sheet and fund a slew of acquisitions.

Institutional investors will be tapped for $300 million of the raise, which will be fully underwritten and offered at $2.80 per share, a 7.9 per cent discount to Friday’s $3.04 closing price. The raise represents 11.8 per cent of Metcash’s existing shares on issue.

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