Kier has revealed plans to raise £241m by issuing new shares in the business, as it attempts to reduce its net debt.
Kier will issue just over 284m new shares at a price of 85p each – a discount of 17% on the closing price of 102.4p yesterday (12 May).
Kier said the capital raise together with the recent sale of housebuilding arm Kier Living would raise a total of around £351.4m. It intends to use the proceeds from the capital raise to pay more than £200m in assorted debt payments, as well as retaining £16.9m for its cash reserves.
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