Investec raises £104.5m

3rd Aug 2010 07:31

Specialist banking group Investec has raised £104.5m through a placing of 22m shares at 475p each.The placing increases the share capital of Investec, which is engaged in investment and private banking, property investment, asset management and capital markets, by 4.27%.The money raised will allow it to take advantage of opportunities in credit and other markets while improving Investec's tier 1 capital without reducing the total capital adequacy ratio. Investec was the heaviest faller in the FTSE 100 after announcing the placing Tuesday morning."This offering gives Investec the ability to take advantage of opportunities in credit and other markets and deliver long term shareholder value, while preserving a strong tier 1 capital position," said Investec's chief executive officer Stephen Koseff.The placing comes after a strong recovery in the company's shares, which traded a little more than 10% off their 52-week high at Monday night's close, over the last month.