ANZ needs $200m extra capital

The ANZ Bank will seek to raise an additional $200 million from institutional investors after its $3.6 billion rights raising fell short of its target. Ninety-four per cent of ANZ's shareholders took up their rights to the offer, which will be used to partly pay for ANZ's acquisition of the National Bank of New Zealand. The rights issue allowed ANZ shareholders to buy two ANZ shares for every 11 shares held for the discounted price of $13.00 each. The purchase of NBNZ from Lloyds TSB is expected to be finalised next week.