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Redefine raises R1.36bn owing to strong demand

Redefine raises R1.36bn owing to strong demand

Photo by Duane Daws

1st October 2014

By: Creamer Media Reporter

  

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JSE-listed Redefine Properties on Wednesday closed an accelerated bookbuild, raising R1.36-billion, placing around 143.1-million shares at a price of R9.50 a share.

The company announced the accelerated bookbuild on Wednesday morning to initially raise about R1-billion through the issue of new shares, but increased the size of the placement in light of strong demand.

The equity raise was subject to pricing acceptable to Redefine and only public investors were eligible to participate, subject to a minimum subscription application of R1-million an applicant.

The new shares, when issued, would be credited as fully paid and rank pari passu – on equal footing – in all respects with the property company’s existing shares.

Subject to approval by the JSE, listing and trading of the new shares was expected to start at 09:00 on October 10.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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