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- carsales.com (CAR) completes the retail component of its non-renounceable entitlement offer and raises roughly $183 million
- The funds were raised through the issue of approximately 10.3 million new shares at a price of $17.75 per share
- On June 27, carsales announced it had launched a 1.2 billion entitlement offer to acquire the remaining 51 per cent interest in Trader Interactive for US$809 million (A$1.19 billion)
- The institutional component was completed on June 29 with $842 million raised on the same terms as the retail offer
- Shares in carsales are down 3.62 per cent and are trading at $18.63 at 1:58 pm AEST
carsales.com (CAR) has completed the retail component of its non-renounceable entitlement offer and raised roughly $183 million.
The funds were raised through the issue of approximately 10.3 million new shares at a price of $17.75 per share.
The retail entitlement offer had a take-up of 51 per cent with the 10.1 million shares not taken up to be allocated to the sub-underwriters.
Shares are expected to settle on July 19, be allocated on July 20 and begin trading on the ASX on July 21.
On June 27, carsales announced it had launched a $1.2 billion fully-underwritten one for 4.16 pro-rata non-renounceable entitlement offer to acquire the remaining 51 per cent interest in Trader Interactive for US$809 million (A$1.19 billion).
Founded in 2010, Trader Interactive provides digital marketing solutions and services across commercial truck, RV, powersports and equipment industries in the US.
carsales said the acquisition presents a significant opportunity for it to grow in the US non-automotive verticals market.
The institutional component was completed on June 29 with $842 million raised.
Eligible shareholders were able to subscribe for one new share for every 4.16 held which were also priced at $17.75 each.
Shares in carsales were down 3.62 per cent and are trading at $18.63 at 1:58 pm AEST.
