Ramsay (ASX:RHC) completes $300m share purchase plan

Ramsay Health Care (ASX:RHC) has completed its $300 million share purchase plan (SPP) and will issue 5.37 million new shares.

The share purchase plan was open to 80,273 eligible shareholders and valid applications of $695 million was received.

In total, Ramsay has raised A$1.5 billion, consisting of the A$1.2 billion institutional placement completed last Thursday and the SPP of A$300 million.

The company says the funds from the capital raising will be used to strengthen its balance sheet and increase financial flexibility in an uncertain operating environment and position Ramsay to take advantage of future growth opportunities.

The company says: “We are pleased with the interest shown in this SPP. Together with our previous $1,200 million institutional placement, the SPP is designed to strengthen Ramsay’s balance sheet and increase financial flexibility in an uncertain operating environment and position Ramsay to take advantage of future growth opportunities.”

Shares in Ramsay Health Care (ASX:RHC)  are trading 2.9 per cent higher at $1.96.
 
Copyright 2020 – Finance News Network

Source: Finance News Network