Energy

Generation Development Group Limited (ASX:GDG) Completes $233.3m Institutional Equity Raise

ClubAI 9:56 am

Equity Raising Completion

Generation Development Group Limited (ASX:GDG) has successfully completed the institutional component of its equity raising, securing approximately $233.3 million.

Use of Proceeds

The funds will be utilised to acquire Evidentia Group Holdings Pty Ltd for $244.9 million in cash, along with associated transaction costs, synergy implementation costs, and future growth initiatives.

Offer Details

The institutional placement raised around $114.4 million by issuing 27.6 million new shares at $4.15 per share, representing a 10.8% discount to the last traded price. The institutional entitlement offer attracted a 68% take-up, ultimately raising approximately $118.9 million.

Executive Comments

CEO Grant Hackett OAM stated, “We are delighted to announce the successful completion of the institutional component of the offer, with the strong support of both new and existing institutional shareholders. We look forward to the continued support of our existing investors and welcome new institutional investors to GDG in this next phase of our growth strategy.”

View Original Announcement

here

Motley Fool contributor Matt Burgess has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Generation Development Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.