February 3, 2009 - 12:29PM Australia's biggest bank by market value, Westpac Banking Corporation, has received applications for about $422 million worth of new shares from retail investors.
Successful applicants will receive shares at $15.26 each, which was the volume weighted average market price for the five trading days up to and including January 30, the Sydney-based bank said in a statement on Tuesday.
Westpac said last month it would sell as much as $500 million of new shares to retail investors.
The sale to retail investors follows the $2.5 million equity raising from institutions in December.
The new shares will be allotted on February 11 and holding statements will be issued by February 18.
Shares in Westpac had gained $1.15, or 7.51 per cent, to $16.46 at 1405 AEDT on Tuesday.
WBC Price at posting:
$16.46 Sentiment: None Disclosure: Not Held
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