InvoCare Ltd., an Australian funeral homes, cemeteries and crematoria solutions operator, has closed its institutional placement program by securing about $65 million through a share issue.
The company raised the funds via the issue of around 4.64 million new shares at a price of $14 per new share, displaying a discount of 2.4 percent to the close price of $14.34 as on March 7, 2019.
The share placement was strongly supported by existing and new institutional shareholders.
InvoCare plans to use the net proceeds from the placement for its development objectives and to provide incremental balance sheet flexibility.