Metlifecare says the price has been set for the sale of a portion of Retirement Villages New Zealand's shares in the retirement village operator.
Retirement Villages will sell 22.5 million shares at $2.20 each after conducting a bookbuilding exercise to determine demand from other investors.
That will reduce its stake in Metlifecare to 43.2%.
Metlifecare says demand for shares was three times the amount available.
The sale is part of Metlifecare's deal to buy Vision Senior Living and Private Life Care.
