ANZ Banking Group is planning to raise $2.5 billion via an institutional share placement.
The bank says the capital raising is to create "greater financial flexibility to pursue strategic and organic growth opportunities".
The share placement will be made at an offer price of $14.40 per ordinary share.
Retail shareholders will also get the chance to participate in a share purchase plan.
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Alongside the announcement, ANZ also updated the market on its banking outlook, which it says remain uncertain.
It also expects its credit provision charge in the second half
of the 2009 financial year to be around 20% higher than that of the
first half.
