Nov 4 (Reuters) - Westpac Banking Corp WBC.AX :
* ANNOUNCES A NON-UNDERWRITTEN SHARE PURCHASE PLAN UNDER WHICH WESTPAC IS TARGETING TO RAISE APPROXIMATELY $500 MILLION
* PROPOSED CAPITAL RAISING INCLUDES A FULLY UNDERWRITTEN $2 BILLION INSTITUTIONAL SHARE PLACEMENT
* OFFER IS EXPECTED TO ADD ABOUT 46 TO 58 BASIS POINTS TO WESTPAC'S LEVEL 2 COMMON EQUITY TIER 1 CAPITAL RATIO
* PLACEMENT WILL RESULT IN ABOUT 79 MILLION NEW SHARES BEING ISSUED
* PLACEMENT WILL BE UNDERTAKEN AT A FIXED PRICE OF $25.32 PER NEW SHARE
* NEW SHARES UNDER PLACEMENT ARE EXPECTED TO SETTLE ON 7 NOV