Bravura in $80m capital raise

Under pressure financial services software company, Bravura Solutions has launched an $80 million capital raising.

The company announced to the Australian Securities Exchange (ASX) that it was undertaking a $23 million institutional placement and $57 million pro-rata accelerated non-renounceable entitlement offer to provide balance sheet flexibility and working capital to support its investments in its Organisational Change Program.

It said the fully underwritten equity raising would result in the issue of 200 million new shares, representing approximately 81% of the current issued capital in Bravura.

Bravura is currently in trading halt and the company said its shares would not resume trading until the institutional offer and institutional book build were completed.