3i Infrastructure completes £385m fundraising

(ShareCast News) - Investment business 3i Infrastructure confirmed the successful completion of a £385m capital raise on Wednesday, having finished its open offer, placing and intermediaries offer and increased the initial target size from £350m.The FTSE 250 firm said the offer was significantly oversubscribed, and the final size was set to ensure it continues to maintain an efficient balance sheet while at the same time having sufficient liquidity to bid for new investment opportunities in the pipeline.Around £230m of the proceeds will be used to fund the completion of the investments in Wireless Infrastructure Group and TCR to the tune of £230m, its board said, expected to close in June and August respectively.The remaining proceeds will be used to invest in further new opportunities from the investment adviser's pipeline of opportunities, 3i's board added."We are delighted with the strong support received from existing shareholders for our capital raise and we are also pleased to welcome new shareholders to our register," said 3i Infrastructure chairman Richard Laing."The board and the investment adviser look forward to continuing to build upon the strong performance of the existing investment portfolio and further develop the pipeline of new investment opportunities."3i Infrastructure confirmed that application has been made for the 233,333,333 new ordinary shares to be admitted to the official list of the UK Listing Authority and to trading on the London Stock Exchange's main market, with effect from 0800 BST on Friday.Thereafter, the company will have a total of 1,026,549,746 shares issued and outstanding.