NAB to raise up to A$2.75 bln in share sale

MELBOURNE, July 22 (Reuters) - National Australia Bank (NAB.AX), the country's top lender, said on Wednesday it plans to raise up to A$2.75 billion ($2.25 billion) through a share placement to help fund growth opportunities, including acquisitions.

The raising follows a A$3 billion share sale last November.

It said its June quarter cash earnings were A$900 million.

Asset quality had weakened as expected, with its bad loan rate increasing to 177 basis points at the end of June from 138 basis points in the previous quarter.

Its group charge for bad and doubtful debts was A$1.06 billion for the quarter, with a specific charge of A$859 million.

The share sale will be priced at at least A$21.20 against NAB's last trade at A$23.58.

Trading in the company's shares were halted in both Australia and New Zealand pending the share placement. ($1=1.223 Australian Dollar) (Reporting by Sonali Paul; Editing by )