HICL Infrastructure to raise up to £145m for new investments

HICL Infrastructure announced a proposal on Monday, to raise £76m through an issue of ordinary shares.

The FTSE 250 firm said the net proceeds of the issue will be used for net funding requirements, which currently stands at £76m and is due to increase to £148m once the company’s conditional investment in the A63 motorway project is completed in the first quarter of 2017.

Depending on demand, the issue could be expanded to allow HICL to raise a maximum or around £145m, which the board said would allow it to consider further investments currently in the pipeline.

“Application will be made to the Financial Conduct Authority for admission of the new ordinary shares to the premium segment of the Official List of the FCA and to London Stock Exchange for admission to trading of the new ordinary shares on its main market for listed securities,” HICL’s board explained in a statement.

“It is expected that admission will become effective on or around 26 September, and that dealings in the new ordinary shares on the London Stock Exchange's main market for listed securities will commence at that time.”