March 7, 2013 / 1:42 AM / 5 years ago

Philippines' Ayala Land raises $300 mln from share placement

MANILA, March 7 (Reuters) - Ayala Land Inc, the Philippines’ largest property developer, has raised 12.2 billion pesos ($300 million) from a share placement offered at a discounted price of 30.50 pesos per share, it said on Thursday.

Ayala Land said it had increased the offer size to 399.5 million shares from 320 million due to strong demand. Parent company Ayala Corp helped facilitate the offering by lending its shares.

Ayala Land shares had closed at 32.85 pesos on Wednesday ahead of the share sale.

Proceeds will be used to fund Ayala Land developments, with the company earmarking 46 billion pesos to complete projects in its 66 billion peso capital expenditure programme for 2013. (Reporting by Erik dela Cruz; Editing by John Mair)

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