Generation Development Group Limited has completed equity raising.

Generation Development Group Limited (ASX: GDG) announced the successful completion of the institutional component of the equity raising. The institutional placement and the institutional component of the fully underwritten 1 for 3.98 accelerated non-renounceable entitlement offer raised approximately AU$126 million.

As announced on 3 June 2024, the proceeds from the Institutional Offer will partially fund the remaining 61.9% of Lonsec Holdings Pty Ltd for AU$197.4 million up-front consideration plus associated transaction costs. The remaining up-front consideration will be financed through a placement to Lonsec shareholders who have elected to receive fully paid ordinary shares in GDG in exchange for their equity in Lonsec.

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