NAB ups capital raising to $1.25b

National Australia Bank has more than doubled the size of its share purchase plan offer after strong demand from its retail shareholders.

NAB is raising $750 million in capital in addition to its earlier target of $500 million to raise a total of $1.25 billion through the share purchase plan.

The lender in April raised $3 billion through an institutional share placement at $14.15 per share to provide a buffer against the coronavirus-driven economic downturn.

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