December 20, 2018 / 7:18 AM / a month ago

Kier gets valid acceptances for just 38 pct of shares in new issue

Dec 20 (Reuters) - Kier Group has received valid acceptances for about 38 percent of the new shares the British builder issued as part of a fundraising.

Kier last month announced a surprise plan to tap the market for some 264 million pounds ($334.4 million) in a heavily discounted share sale, blaming the reluctance of banks to lend to the construction sector.

The company, which builds and maintains highways, railway tunnels and houses, said the joint bookrunners for the share sale will look to sell the remaining 40.2 million new shares not validly taken up. ($1 = 0.7895 pounds) (Reporting by Arathy S Nair in Bengaluru; Editing by Sai Sachin Ravikumar)

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