Treasury Wine Estates is auctioning off $173m of shares not taken up by retail investors as part of its capital raising to buy US-based luxury wine business DAOU.
The company, which makes iconic wines Penfolds and Wolf Blass, raised $825m at $10.80 per share to fund the $US900m deal, through an accelerated renounceable entitlement offer and $157m through a placement at $11.97 per share.
The raise earlier this month was a 10.7 per cent discount to the last traded price of $12.10 on October 30.
Treasury also sourced $490m of debt to fund the acquisition.
Now about 16m new shares are on offer, representing a value of up to $173m, at a floor price of $10.80 per share.
Bids are to be made in 1c increments.
Working on the raise is investment bank UBS and Macquarie Capital.
The book build was to close on November 28 at 6pm AEDT.
Shares in Treasury Wine on Tuesday closed at $10.41.
It comes as insurance group Hollard is preparing to tap the bond market in what will be its first ever issue in Australia.
The financial group was briefing prospective investors last week ahead of the raise, with the terms expected to be announced in the coming days.
Westpac is working on the deal to ensure it has enough regulatory capital.
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