Oct 29 (Reuters) - Australia's L1 Group ( PTMGF ) said on

Wednesday it was seeking to raise up to A$330 million ($214.43

million), as it bids to accelerate growth initiatives including

investing in new affiliates and joint ventures.

The raising would comprise an A$286 million placement, an

A$25 million share purchase plan and an A$19 million sale of its

shares held by a unit.

These would be conducted at a price of A$0.95 apiece,

reflecting a near 8% discount to the stock's last close.

The company said A$190 million worth of pre-commitments have

been received for the placement from a few

institutional investors. This includes A$80 million from MFF

Capital Investments.

Proceeds from the raising would fund the company's growth

strategy, provide investment for a plan that is supposed to be

launched in the near term. Around A$100 million of the proceeds

will be co-invested into this new strategy which has recently

been offered to wholesale clients for the first time.

The fundraising would continue to push in capital for the

firm's expansion, it said.

Alongside, L1 Group ( PTMGF ) also announced the appointment of Julian

Russell as its chief executive officer and managing director,

replacing Jeff Peters.

Russell was previously the CEO of ASX-listed Eclipx Group,

renamed FleetPartners ( ECXXF ), and is the former co-head of

financial institutions at UBS Investment Bank in Australia.

($1 = 1.5389 Australian dollars)