MADRID May 28 Testa, the real estate holding company of Spanish builder Sacyr, said on Wednesday that it was looking to increase its free-float and would seek shareholder approval at a meeting in June to raise capital.
The company, which is currently 99.5 percent owned by Sacyr, said it had hired JPMorgan and Morgan Stanley to advise it on a potential capital raising.
Testa had previously disclosed it was studying a capital hike of up to 800 million euros ($1.1 billion) to bring in new investors, in an operation that would also involve a special dividend, the bulk of which would go to its main investor.
The full structure or size of the capital issue had not been agreed on yet, Testa said. ($1 = 0.7345 euros) (Reporting by Carlos Ruano, Writing by Sarah White; Editing by Susan Fenton)