Business
Why the IAG (ASX:IAG) share price is sinking lower today
The Insurance Australia Group Ltd (ASX: IAG) share price has been the worst performer on the S&P/ASX 200 Index (ASX: XJO) on Monday.
In early afternoon trade the insurance giant’s shares are down 5.5% to $5.15.
Why is the IAG share price sinking lower?
Investors have been selling the company’s shares this morning after they returned from a trading halt following the completion of an institutional placement.
Insurance Australia Group raised a total of $650 million through the issue of approximately 128.7 million new shares to institutional investors at a 7.5% discount of $5.05 per new share.
According to the release, the company received significant interest from both domestic and offshore institutional investors.
Management…
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