Mexico's Urbi shareholders approve $310 mln stock sale
MEXICO CITY, Oct 26 (Reuters) - Mexican homebuilder Urbi said on Friday its shareholders approved the sale of 83.5 million new shares in local and international stock offerings which would raise $310 million in a bid to drive growth.
Urbi (URBI.MX: Quote, Profile, Research, Stock Buzz) previously said the company plans to use the funds from the offer mainly to develop infrastructure, buy land, for the construction of new housing and for working capital.
Separately, major shareholders in Urbi -- including majority owners from the Perez Roman family and four other stock holders -- will sell an additional 10 million shares in a secondary offering.
Urbi's shares ended down 0.52 percent on Friday at 39.92 pesos.
($1 = 10.724 pesos)
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