Health fund NIB has announced its first foray into National Disability Insurance Scheme (NDIS) plan management through a $150 million equity raise and acquisition of Australia’s seventh largest provider, Maple Plan.

BusinessNewsAustralia reports the company entered a trading halt early on Wednesday morning pending the announcement that it would fund its movement via a fully underwritten $135 million institutional placement and $15 million share purchase plan.

It reported Nib would issue a bout 19.6 million new shares under the placement, representing around 4.3 per cent of its shares currently on issue.

Following its completion of the placement  today (October 13) , nib will offer its existing eligible shareholders an opportunity to apply for the purchase plan.

NDIS expenditure is forecast to grow from $29 billion in FY22 to $59 billion by FY30, according to its most recent Annual Financial Sustainability Report, and nib has reportedly been weighing up opportunities to earn a slice of that pie for some time.

Read the full report here.

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