BAB seeks $300m in equity

Bendigo and Adelaide Bank Ltd will announce a capital raising of about $300 million this morning the Financial Review reported. JP Morgan and Macquarie Capital Advisers are the underwriters.

The capital raising will include a fully underwritten $200 million rights offer and a $100 million placement, with the price of the shares expected to be fixed at between $6.50 and $7.00.

That's a discount of up to 20 per cent on the closing price of $8.13 on Friday.