HICL Infrastructure has announced that the company has raised gross proceeds of £50.7 million through the issue of new ordinary shares. The company has informed that the issue was oversubscribed.

The issue was made to qualifying investors through HICL Infrastructure's corporate broker, Canaccord Genuity Limited.

The net proceeds of the issue will be applied in addressing the company's net funding requirement of around £50 million.

Graham Picken, Chairman of HICL, said:

"The board is very pleased by the strong response from investors to this tap issue, with demand significantly outstripping the amount of stock available. With the company's net funding requirement now removed, it is well positioned to bid for additional investments in a competitive and disciplined manner whenever attractive opportunities arise."

Following the issue of the new ordinary shares, HICL Infrastructure's capacity to issue shares by way of tap has been almost fully utilised for the time being as a result of the limits under the Listing Rules, although this will increase again in early July.

HICL Infrastructure said it intends to utilise the tap issuance authority as and when the Directors deem appropriate, having regard in particular for the company's net funding requirement at the time.

HICL Infrastructure had confirmed in late May that two previously announced investments were completed: the acquisition of a 29.2% equity & loan note interest in the Bradford Schools BSF (Phase I) project and the investment in the PPP desalination project in Australia.