March 27, 2018 / 6:21 AM / 4 months ago

Galliford Try to raise 158 mln stg to cover Carillion project costs

LONDON, March 27 (Reuters) - British construction group Galliford Try said it would raise around 158 million pounds ($225 million) through a fully underwritten rights issue to cover the costs of a troubled project it had been working on with the now-defunct Carillion.

The housebuilder and construction company said it would raise the money through a 1 for 3 rights issue to cover the costs of a project to build a major ring road in northern Scotland that has run behind schedule and above cost.

Galliford had been working on the project with Carillion, which collapsed in January, and with Balfour Beatty.

$1 = 0.7029 pounds Reporting by Kate Holton; Editing by Alistair Smout

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