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Salini evaluating share sale of up to 10 pct of capital
May 30, 2014 / 3:56 PM / 4 years ago

Salini evaluating share sale of up to 10 pct of capital

MILAN, May 30 (Reuters) - Italian builder Salini Impregilo said on Friday it was evaluating an equity offering to institutional investors for up to 10 percent of its share capital to boost its free float.

In a statement, the Milan-based company said its controlling investor Salini Costruttori was considering selling part of its stake within the same offering.

The proceeds of the offering will be used to beef up the group’s capital structure and help it fund its 2014-2017 business plan, it said.

Salini CFO Massimo Ferrari said in April Salini Costruttori would reduce its stake in the builder to around 75 percent from 90 percent by the end of the summer. (Reporting by Danilo Masoni, editing by Stephen Jewkes)

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