AMP equity raising hits $784 million

AMP has raised $134.1 million via a share purchase plan, taking its total capital raising to $784 million as the wealth manager embarks on a major restructure.

AMP said 83.8 million new shares will be issued at $1.60 on Friday, following 15,000 shareholder applications at an average $10,000.

The company’s share purchase plan follows a successful fully underwritten $650 million placement last month, with the pool to be used to simplify AMP’s operations and turn around a flagging financial performance.

AAP

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