Westpac completes $3.5b equity raising

Westpac has completed its $3.5 billion equity raising by selling 22.7 million shares in a retail shortfall bookbuild at $29.50 each.

Westpac has completed its $3.5 billion equity raising by selling 22.7 million shares. (AAP)

Westpac has completed its $3.5 billion equity raising by selling the 22.7 million shares left over from the bank's rights issue.

The shares were sold in the retail shortfall bookbuild at a clearing price of $29.50, which includes the $4 paid to each shareholder who did not exercise their entitlement.

"I want to thank shareholders for their tremendous support for the offer: it is a great endorsement of the strength of both our franchise and strategy," Westpac chief executive Brian Hartzer said.

Australia's big four banks have raised more than $20 billion since May to boost capital reserves to meet new regulatory requirements.