Westpac is seeking to raise A$2.5 billion through a fully underwritten institutional share placement. The share placement has been fully underwritten by J.P. Morgan Australia Limited, UBS AG, Australia Branch and Morgan Stanley Australia Securities Limited. "The capital raising further increases Westpac's capital resources, enhances its balance sheet flexibility and will position the organisation to capture organic growth opportunities," Westpac said. "Following the placement, Westpac will also offer retail shareholders the opportunity to participate in a non-underwritten share purchase plan (SPP). The SPP will provide eligible ordinary shareholders (shareholders that were on the register at 5pm Sydney time on 8 December 2008) with the opportunity to subscribe for up to A$10,000 worth of Westpac ordinary shares (subject to obtaining ASIC relief)." Westpac's shares are currently in a trading halt and will resume for trade on December 10.
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