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GenusPlus Group Secures AU$200 Million Through Institutional Placement; Shares Hit Record High

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GenusPlus Group (ASX:GNP) received firm commitments from institutional and sophisticated investors for a AU$200 million single-tranche placement, according to a Wednesday Australian bourse filing.

The company will issue around 21.6 million shares at AU$9.25 each, representing a 1.5% discount to the five-day volume weighted average price.

The proceeds from the placement will be used to partially finance the acquisition of MPC Kinetic Holdings, the filing added.

The company's shares rose around 4% in recent Wednesday trade and earlier hit a record high.

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