LONDON (Alliance News) - GCP Infrastructure Investments Ltd on Friday said it has decided to increase the size of its placing to GBP75.0 million, after identifying new investment opportunities.
The infrastructure investment vehicle said it will now raise up to GBP75.0 million under its placing programme. It had previously been intending to raise GBP35.0 million, but on Wednesday said it was raising this amount to GBP50.0 million and reserved the right to increase the placing size further.
On Friday, the company said it will now be issuing 63.4 million shares at 116.50 pence per share under the placing, noting that the placing was oversubscribed and was "the first material issue of shares by an issuer traded on the Main Market of the London Stock Exchange since the UK's referendum on its EU membership".
Shares in GCP Infrastructure were down 0.5% at 117.70p on Friday afternoon.
"The board is particularly pleased by this outcome given the volatility in UK equity markets following the referendum," GCP Infrastructure said in a statement.
The shares are expected to be admitted to trading on Tuesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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GCP Infrastructure Investments (GCP)