Beazley confirms £247m equity raise
Provider completes placement of new shares in order to support organic growth and strengthen its balance sheet to be able to respond to Covid-19 uncertainty.
Beazley has raised £247m through a placing and subscription of new ordinary shares, representing around 15% of its ordinary share capital prior to the move.
The provider noted that the funds will be used to position the business for organic growth and strengthen the balance sheet in light of continued uncertainty arising from Covid-19.
Beazley’s share price has increased by almost 10% since the move was announced this morning (19 May).
According to Beazley, the placing was conducted through
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