Mexican builder ICA sells $70 mln more shares

MONTERREY, Mexico, Oct 4 (Reuters) - Mexico's top builder, ICA, said on Thursday it sold an additional 11.7 million shares worth $70 million as part of a $535 million share offering to raise capital and boost growth.

ICA (ICA.MX: Quote, Profile, Research, Stock Buzz)(ICA.N: Quote, Profile, Research, Stock Buzz) sold $465 million on Sept. 25 in Mexico and the United States at 65 pesos a share and $23.76 per American Depositary Share (ADS). Strong demand from investors allowed it to exercise its so-called over-allotment option.

"With the full exercise of the over-allotment option, ICA has sold a total of 90 million shares, which represent approximately 18.1 percent of ICA's total equity," the company said in a statement.

ICA said 60 percent of the total offering was placed internationally and 40 percent was placed in Mexico.

"The total gross proceeds were the equivalent of $535 million," the company added.

ICA says the extra funds will help it develop its housing construction and sales business, win more government infrastructure projects and increase its profit margin to 18 percent in 2010.