News: Navitas completes $100M equity raising

.

Navitas Ltd (ASX:NVT) says it has completed a $100 million equity raising to partially fund purchasing new media education services provider SAE Group for $289 million.

The institutional placement was priced at $3.80 per share, representing a 4.8 per cent discount to the last closing price and will result in the issue of 26.3 million new shares.

Navitas says the placement was oversubscribed and supported by both existing shareholders and new institutional investors.

Navitas has also launched a share purchase plan, offering eligible shareholders the opportunity acquire up to $15,000 in new Navitas shares for $3.80 per share.

Navitas recorded a net profit to $62.8 million in the 2010 financial year.