IRC Properties Inc. is raising as much as P522 million in fresh capital through a private placement.
IRC said in a disclosure to the stock exchange its board approved the issuance of 200 million common shares to Sigma Epsilon Fund Ltd. and another 172.8 million shares to interested subscribers both at a price of P1.40 apiece.
The P1.40 per share subscription price represents a 10.7-percent premium over the stock’s closing price of P1.25 on Friday.
IRC said placement shares, which will be fully paid in cash by subscribers, will be taken out from the unissued portion of the present authorized capital stock of the corporation
The company said it would file necessary documents applications for the issuance and listing of the private placement said.
IRC Properties in 2015 signed a subscription agreement with Japan-based Rizal Partners Co Ltd. over 127.2 million shares of the company at P1.40 apiece.