Envestra Limited (ASX:ENV)
has announced a capital raising to help fund its infrastructure expansion plans.
The gas distributor has launched a share offer at 99 cents per share, to be taken up until May 15.
Participation in the offer is open to all shareholders who were on the company's register on April 8.
While the company has not specified how much it hopes to raise, it expects to spend $240 million upgrading old cast iron and steel mains and enhancing the capability of its networks.
Shareholders can place offers in bundles of between $1,000 and $15,000.
Envestra’s net profit jumped 45 per cent to $59.1 million for the first half of fiscal 2013.