Equity Trustees raises $83.5m

Group completes placement and institutional entitlement offer to fund ANZ buy.

Equity Trustees (EQT) has raised $83.5 million in completing its placement and institutional entitlement offer to fund its acquisition of ANZ trustees.

The suitor said it received strong support from existing shareholders, with 20 new institutional investors joining Equity's share register in the $17 per share offer.

The raising will fund Equity's purchase of ANZ Trustees from the Australia and New Zealand Banking Group for $150m, announced last week.

Equity expects its trading halt to be lifted at market open today after saying the book build was heavily oversubscribed.

The retail component of the offer is fully underwritten and will raise approximately $76.5 million, with eligible retail shareholders on the record on April 15 able to participate.

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