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BMO says it plans to use the money raised to align the its capital position with the increased regulatory requirements and for general corporate purposes.

Under the plan, the bank has agreed to issue and sell 11,805,000 common shares in a public offering at a price of $118.60 per share for total gross proceeds of approximately $1.40 billion.

The offering is being underwritten on a bought-deal basis by a syndicate of underwriters led by BMO Capital Markets. The underwriters also have an option for up to an additional 1,770,750 common shares at the public offering price.

BMO has also has agreed to issue and sell 14,755,477 shares at the same price to a group of investors including Caisse de dépôt et placement du Québec, OMERS, Alberta Investment Management Corp., Healthcare of Ontario Pension Plan, Public Sector Pension Investment Board, Canada Pension Plan Investment Board and BNP Paribas SA for total gross proceeds of about $1.75 billion.

This report by ¹ú²úÓÕ»ó¸£Àû was first published Dec. 13, 2022.

Companies in this story: (TSX:BMO)