Australian lender Westpac has raised nearly A$770m ($526.53m) through the share purchase plan (SPP) that closed last week.
As part of the SPP, the bank will now issue 31.9 million new shares to successful applicants.
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Westpac made the SPP offer to nearly 618,300 eligible shareholders and received valid applications from 40,900 shareholders.
The bank in a statement said: “The SPP Shares will be issued on 11 December 2019 with trading expected to commence on the ASX on 12 December 2019.
“Holding statements will be issued to successful applicants on 12 December 2019. Refunds for withdrawal requests and for invalid SPP Applications will be made as soon as practicable after the Issue Date.”
Notably, the amount raised excludes A$68m which the bank had to refund to 3,390 applicants. These applicants sought to withdraw from the SPP as Westpac the bank now faces a lawsuit over money laundering failures.
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By GlobalDataThe lawsuit, filed by AUSTRAC last month, accused Westpac for committing more than 23 million breaches of anti-money laundering laws.
In case found guilty, the bank may have to pay hefty fines.
Subsequently, Westpac announced a series of measures in response to the allegations which included strengthening its anti-money laundering procedures.
It also decided to shut down its international funds transfer platform LitePay.
Westpac, one of the Big Four banking organisations in Australia, offers consumer, business and institutional banking and wealth management services.
