Singapore-listed Keppel Infrastructure Trust (KIT) is set to launch an equity funding exercise to raise at least S$240 million ($179 million) via a private placement of shares and a non-renounceable preferential offering.
KIT is looking to raise around S$125 million from the private placement by offering between 262.1 million and 269.4 million preferential offering units to institutional and other investors at a price of S$0.464-$0.477 per unit, according to a recent filing to the Singapore Exchange (SGX).
As part of the non-renounceable preferential offering, KIT will look to raise S$115 million from entitled shareholders by offering 249.6 million units at a price per unit between S$0.464 and S$0.467.
The total number of placement and preferential offering units will not exceed 758.8 million new units, according to the SGX announcement. Keppel Infrastructure Holdings, which owns an 18.2% stake in KIT, will subscribe for placement units so as to keep its stake flat following the issues.
The private placement launched on Tuesday and will close on Wednesday. The preferential offering will commence on May 2 and close on May 10.
Citigroup Global Markets Singapore, DBS Bank, HSBC, Singapore Branch, OCBC and UOB have been appointed as the joint lead managers, book runners and underwriters for the equity fundraising.