U.K.–based construction and engineering company Costain has raised £100 million ($122 million) in a share placing that valued roughly 167 million shares at £0.Smart infrastructure company Costain has raised £100 million ($122 million) in a share placing that valued roughly 167 million shares at £0.60 ($0.73) per share.60 ($0.73) per share.
According to Construction News, Costain confirmed that 99.39 percent of shareholders voted in favor of the deal in a meeting that took place May 27. Costain is expected to receive £93 million ($114 million) from the placing, after paying out £7 million ($8.6 million) to bankers and advisers, according to the U.K. construction news outlet.
The funds will be used to strengthen the company’s balance sheet and take advantage of opportunities in the company’s target markets, according to Alex Vaughan, CEO.
Costain planned to raise £80 million ($98 million) through the firm placing and the remaining £20 mill
