In Brief: TPG raises $65m

TPG Telecom has completed an institutional placement to raise $65 million through the issue of around 41 million new ordinary shares at $1.585 – a 5.4 per cent discount to the last closing price.

The company said the placement had been oversubscribed following strong interest frm domestic institutional investors.

In an ASX statement TPG executive chairman David Teoh said the placement would provide increased liquidity to the trading of TPG’s shares and reduced net debt following the proposed acquisition of Pipe Networks.

As reported by Computerworld the company is also offering a share purchase plan to existing shareholders to achieve $70 million in capital raising activities.