HICL Infrastructure reports recent placing is 'significantly' oversubscribed

HICL Infrastructure Company, a FTSE-250 listed company, on Friday reported that its recent placing, open offer and offer for subscription of shares was 'significantly' oversubscribed and as such it has partially scaled back the applications received.

By MoneyWeek

published 22 March 2013

in Features

The group will issue a total of 140m shares to be issued at 119.50p per share, of which 61.97m shares were issued under the open offer, 9.56m issued pursuant to the offer for subscription, and 68.5m under the placing.

Graham Picken, the Chairman of HICL, said: "We are delighted with the success of the offer, which was significantly oversubscribed. In light of the current pipeline of advanced-stage acquisition opportunities, the board is pleased to confirm the size of the issue at £167.3m.

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"We regard this successful capital raising as an endorsement of the company's strategy and track record of successful delivery. The strong demand also reflects the growing importance of infrastructure as an asset class".

The share price rose 0.16% to 124.40p by 13:45.

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