carsales.com completes Institutional Component of Entitlement Offer

carsales.com Ltd (ASX: CAR) announced the successful completion of the institutional component of its fully underwritten 1 for 4.16 pro-rata accelerated non-renounceable entitlement offer.

Through the Institutional Entitlement Offer, the Company raised ~AU$842 million at A$17.75 per share. It was well supported by institutional shareholders with take-up of 90% by eligible institutional shareholders.

The proceeds would be used by the Company to acquire the remaining 51.0% interest in Trader Interactive for ~AU$1,172 million.

The retail component of the Entitlement Offer will open on 1 July 2022 and close at 5:00pm (Melbourne time) on 13 July 2022. Through this, CAR aim to raise ~AU$365 million.

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