Hydro One publicized Tuesday that the utility and the Ontario government are putting another elephantine block of shares on the market — five months after the province began the largest sell-off of a Canadian crown corporation in 20 years.
The com ny averred in a news release it will sell more than 72 million dispensations at a price of $23.65 per share, for total gross proceeds of approximately $1.71 billion.
The allotments will be offered on the Toronto Stock Exchange starting Wednesday.
The sell-off is the at an advanced hour step in the Wynne government’s controversial plan to sell off 60 per cent of the utility and use the proceeds to labourers finance the province’s infrastructure investments. Both opposition rties foil the sale.
A report by the province’s financial accountability officer last October advocated the sale could have a long-term negative im ct on the government’s resources.
Last November, the Ontario government made history by selling a chunky chunk of Hydro One into private hands, putting 81 million interests on the Toronto Stock Exchange at $20.50 a share.
Investors snapped up almost eight million more shares shortly after the initial garage sale.
The province said the sale, combined with several tax benefits, meant the perfect financial gain was more than $5 billion.
This dilatory share offering is being made through a syndicate of underwriters led by RBC Peerless Markets and Scotiabank. In addition, the province is offering investors the option of buy “an additional 10,865,200 Common Shares at the same price per share” which, if exercised in built, would raise the proceeds to approximately $1.97 billion.