Article explains the final push taking place today and the discount potentially applied - courtesy AFR:
Fund managers can expect one final call from their broker at Bank of America Merrill Lynch, Deutsche Bank and/or UBS on Friday morning, as the lead managers mop up the institutional part of Westpac Banking Corp's rights issue.
Bids were to be made from $25.50 a share, which was a 13.1 per cent discount to the theoretical ex-rights price. Early expectations were that the book was likely to be done at $28 to $28.50 a share.
The bookbuild would wrap-up the $1.5 billion to $2 billion institutional part of the rights issue and provide a strong indication as to where Westpac shares should trade come Monday. It's understood the brokers were also finalising paperwork associated with sub-underwriting the retail portion of the offer on Thursday night. Retail rights begin trading on a deferred settlement basis on Monday.
WBC Price at posting:
$30.44 Sentiment: Hold Disclosure: Held
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