Carsales.com (ASX:CAR) completes $380M institutional entitlement offer

Carsales.com (ASX:CAR) has successfully completed the institutional component of its fully underwritten 1 for 14.01 pro-rata accelerated renounceable entitlement offer with retail rights trading.

The offer has raised approximately $380M at the offer price of $19.95 per new Carsales share and was well supported by eligible institutional shareholders with a take-up of approximately 96%.

Carsales says the offer proceeds are intended to be used to fund the acquisition of an additional 40% of shares in Webmotors S.A. and strengthen its balance sheet.

The retail component of the offer is expected to open on March 15 and close at 5:00pm (Melbourne time) on Thursday  March 30.