NAB's new shares oversubscribed

National Australia Bank says it has raised A$2 billion in an institutional share placement that was "well oversubscribed".

NAB said in a statement yesterday that it had placed 93,023,256 of new shares at A$21.50, compared with the bank's share price of A$23.58 when the placement was announced.

"The placement was well oversubscribed and will be issued to a wide range of institutional and sophisticated investors who participated in the bookbuild," NAB said.

NAB will proceed to the A$750 retail component of its capital raising.