HICL issue oversubscribed; fund raising target raised

published 27 March 2012

HICL, the infrastructure investment firm, has been overwhelmed by demand for its shares and so has increased the size of its recently announced placing and open offer.

The group announced on Monday that it was seeking to raise £180m from an issue of convertible "C" shares at 100p a pop, with the possibility of increasing the size of the fund raising to £250m should the demand be there. It appears that the demand is there, because the board has increased the overall size of the issue to £250m.

Graham Picken, Chairman of HICL, said: "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".