7th Dec 2015 08:21
LONDON (Alliance News) - HICL Infrastructure Company Ltd on Monday said it plans to raise about GBP30.0 million by selling new shares.
The so-called tap issuance, which means the infrastructure investor does not require shareholder approval before selling new shares, will enable the company to meet its net funding requirement. That will leave HICL "well placed" to swoop on investment opportunities that may arise in the coming months.
HICL said it plans to issue about 20.0 million shares, although that figure may increase given that "certain anticipated investments by the company are at an advanced stage of the acquisition process". The pricing of the placing is to be determined.
Canaccord Genuity will begin a bookbuilding process to determine the level of demand from potential investors.
Shares in HICL were flat at 151.65 pence on Monday morning shortly after trading began.
By Samuel Agini; [email protected]; @samuelagini
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