(Alliance News) - Beazley PLC on Wednesday said it raised GBP350 million in a capital raise with "strong support" from existing shareholders.
It said 60.4 million shares were placed by JPMorgan Cazanove and Numis Corp PLC at a price of 575 pence each, while an additional 529,036 shares were subscribed through the PrimaryBid platform.
The price of 575p was a discount of 8.0% to the closing price of 625p on Tuesday, the day the capital raise was announced.
Shares in Beazley were trading 3.6% lower at 602.50 pence each in late trade in London on Wednesday.
The capital raise represents around 10% of the company's issued share capital.
By Chris Dorrell; chrisdorrell@alliancenews.com;
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Beazley (BEZ)