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Heartland raises $20m from institutions

NZN 12/12/2016 Sophie Boot

Heartland Bank's trading halt has been lifted after the bank raised $20 million from institutional investors at $1.46 per share, a 4.6 per cent discount to the last trading price.

The bank wants to raise up to $30 million through a combination of the bookbuild and a share purchase plan which will offer New Zealand-resident shareholders up to $15,000 worth of shares each.

The funds raised will help maintain the lender's capital ratio after a period of strong credit expansion and also support its digital strategy.

Heartland said the institutional placement "was well supported by Australian and New Zealand investors and we welcome a number of new investors to our register as a result".

The shares last traded at $1.53 before being halted on Monday and have risen 16 per cent this year.

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