Urban toll road company Transurban (ASX:TCL) has raised approximately $1.35 billion in the institutional component of its $1.9 billion entitlement offer.
The funds will be used to deliver the West Gate Tunnel Project in Victoria and to pursue a pipeline of investment opportunities in the future.
Approximately 118 million new shares will be issued at a final price of $12.50 per new security, in line with the security price in the weeks preceding the entitlement offer.
The offer attracted strong demand from Transurban’s institutional security holders, with approximately 94 per cent of entitlements taken up by eligible institutional security holders, as well interest from new investors.
The company’s retail entitlement offer will open on 19 December 2017 and will be complete by early February 2018.
Shares in Transurban (ASX:TCL) are trading 3.9 per cent higher to $12.69.