SP AusNet, the Australian electricity distributor 51 percent-owned by Singapore Power Ltd., will raise $A434 million ($431 million) in a share offer to existing investors to help fund expansion.
Investors will be offered three shares for every 20 that they hold at A$1 apiece, the Melbourne-based company said in a statement. That’s an 11 percent discount to yesterday’s closing price of A$1.125. Singapore Power will take its 51 percent entitlement with the balance to be underwritten by Macquarie Group Ltd. and UBS AG, SP AusNet said.
The funds will be used for “significant expansion in the regulated asset base and other growth opportunities,” SP Ausnet said in the statement.
SP AusNet manages three electricity and gas transmission and distribution networks in Victoria state and is currently upgrading two power terminals, according to its website.