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Boral slides 12%

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World Cement,

Reuters are reporting that after Boral Ltd announced it raised A$1.58 billion in shares to help pay for a buyout of US rival Headwaters Inc, its stock was sent lower as investors factored in the effects of having more scrip on issue.

Boral announced on 24 November that it closed the institutional component of a capital raising that it hopes will total A$2.05 billion, and that it now hopes to raise another A$483 million from retail investors by 9 December.

The institutional share raising was multiple times oversubscribed, Boral added in a statement.

Shares in Boral fell 12% to A$5.09, higher than the A$4.80 issue price of the new shares, suggesting investors took a favourable view of a deal which the company says will double its US presence.

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