LONDON (dpa-AFX) - British water utility company Pennon Group plc (PNN.L) Wednesday announced its decision to raise about 180 million pounds by way of an equity capital, in connection with the acquisition of Sumisho Osaka Gas Water UK Limited.
The equity capital raise will include a non-pre-emptive placing of new ordinary shares of 61.05 pence each in the capital of the company to institutional shareholders.
Pennon also plans to offer shares to retail investors, announcement regarding which will be made shortly, the company said in a statement. Certain directors and executives of the company also intend to subscribe to shares worth 150,000 pounds.
Barclays Bank PLC and Morgan Stanley & Co. International plc are acting as Joint Bookrunners in connection with the Placing.
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