Shares in fund manager BT Investment Management slumped to a one-month low.
The fund manager’s former parent Westpac plans to offload its entire holding and as part of that plan is selling up to a $645 million of its stake. The shares are now trading near the bottom of Westpac’s offer range.
A short while ago, the shares were down 6.9% at $11.34, the lowest since April 20. The benchmark S&P/ASX 200 index was 0.3% lower.
Westpac, which wants to boost its capital levels, is selling 60 million shares at a price range of $10.25 to $10.75 per share. The bottom of the range represents a discount of 16% to last closing price of $12.18.
Westpac shares were 1.2% lower.