In a regulatory filing, Synergy Grid said its board approved a plan to raise the company’s authorized capital to P5.3 billion in preparation for its follow-on offering.
The new capital comprises 5.3 billion shares with a par value of P1 apiece.
Owned by bilyonaryo Henry “Big Boy” Sy Jr. and car dealership and insurance magnate Robert Coyiuto Jr., Synergy Grid is conducting a follow-on offer to meet the target public float of 20%.
The follow-on offer consists of up to 1.09 billion common shares with a par value of P1 per share.
Synergy Grid is the holding company of the National Grid Corp. of the Philippines (NGCP), which is mandated under its 25-year concession agreement to sell at least 20 of its outstanding capital stock within 10 years.
NGCP is reportedly eyeing to raise as much as $2 billion from an initial public offering. It has tapped Bank of America Corp., UBS AG and JP Morgan Chase & Co. to arrange the maiden share sale.