3i Mulls New Share Issue

LONDON (Reuters) – 3i (III.L), Britain’s biggest listed private equity group said on Sunday it may issue new shares to raise capital.

In a statement responding to press speculation about a possible rights issue the company said: “The company confirms that it is considering a range of financing options including the potential issue of new equity.”

The company did not comment on reports in the Sunday Times and Sunday Telegraph that it was looking to raise as much as 700 million pounds ($1.03 billion).

Chief Executive Michael Queen has taken a number of actions to reduce the net debt of the company.

The company’s share price has almost doubled over the past two months but is still down more than 50 percent over the last 12 months.

(Reporting by Ben Deighton, editing by Elaine Hardcastle)