19th May 2020 09:43
(Alliance News) - Renewables Infrastructure Group Ltd on Tuesday said intends to raise an undisclosed amount of new capital through the issue of new shares by way of a non-pre-emptive tap issue to fund new investments and repay outstanding amount under the company's revolving acquisition facility.
The new shares will be issued at a price of 120.0 pence per share, a 5.8% discount their 127.4p closing price on Monday.
The stock is down 3.8% at 122.60p each on Tuesday morning in London.
The FTSE 250-listed investment said: "The board notes that asset availability in the company's operating portfolio remains good and that progress at the company's three construction projects remains materially on-track, notwithstanding the Covid-19 pandemic.
"Given the above, and in light of the attractive pipeline of suitable investment opportunities that InfraRed, the company's investment manager, is continuing to evaluate for the company, the board believes that it is an appropriate point at which to seek to raise money through the issue of new ordinary shares."
The company plans to issue new shares by way of a non-pre-emptive tap issue.
InfraRed Capital Partners serves as investment manager of Renewables Infrastructure Group.
By Tapan Panchal; [email protected]
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