National Australia Bank Ltd has announced today as part of their Half Year Results a $5.5b Shareholder rights issue 2 for 25 at $28.50 per share, which equates to a 16.7% discount to the dividend adjusted last trading price. The funds will provide an increased CET1 ratio above the target range ahead of anticipated regulatory changes, and facilitate the proposed demerger and IPO of Listco in CY15.  

An Institutional offer is open from 7 to 8 May, and a Retail offer opens 13 May, closing on 1 June. The new shares will rank equally in all respects to the existing shares from the date of allotment, but will not be entitled to the 31 March 2015 dividend of 99cps.  

The Record Date will be the 12th May 2015 at 7pm (Sydney Time). Find out more