Photo by: Duane Daws
JSE-listed Delta Properties received bids of about R523-million for the bookbuild it launched on Tuesday.
The company had set out to raise R400-million and accepted bids of R503-million.
Accordingly, 56.5-million new Delta ordinary shares were placed with qualifying investors at a price of R8.90 per bookbuild share.
The proceeds of the bookbuild would be used to fund or repay debt facilities that were used to fund the acquisitions of Tembisa Mega Mart and the OMC Durban and the Marine properties.