Financial services group IFG has said that shareholders have applied for 55.6% of the new shares being offered as part of IFG's open offer.
The offer is part of IFG's plan to raise around €50m to fund its acquisition of UK pensions provider James Hay Holdings.
The rest of the shares have been allotted to Fiordland, a company set up specifically to take part in the IFG offer. Fiordland will now have a stake of just under 17.6% in IFG.
'We are very pleased with the strong support from our shareholders in the open offer which, together with the funds being provided by a new investor, allows IFG to complete the James Hay acquisition and puts the company in a strong financial position,' said IFG chief executive Mark Bourke.
Shares in IFG closed up 7.4% at €1.45 in Dublin.
