Australia's Steadfast Group hits 1-year low on discounted placement

Steadfast

17/11/2023 01:36

** Shares of insurance broker Steadfast Group  SDF.AX  fall
as much as 5.2% to A$5.130, their lowest since Nov. 17, 2022
    ** Co raises A$280 mln ($180.96 mln) in an institutional
placement to fund the purchase of a 70% stake in Sure Insurance,
a regional underwriting agency
    ** Placement at A$5.14 per share - representing a 5%
discount to stocks' last closing price 
    ** SDF among the top losers on ASX 200 benchmark index
    ** More than 2.2 mln shares change hands, 1.4 times the
30-day avg of 1.7 mln shares
    ** As of last close, stock down 1.1% this year


($1 = 1.5473 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))