The province of Ontario has raised an additional C$257 millionin gross proceeds from the sale of 10,865,200 shares of Hydro One Ltd. to underwriters of a secondary offering.
The sale of the additional shares at C$23.65 apiece was completedApril 29 and increases the total gross proceeds to the province to about C$1.97billion, according to a news release.
The company will not receive any of the proceeds from the offering.
Following the closing of the overallotment option, the provincecontinues to directly own 416,803,660 shares, or about 70.1%, of Hydro One's totalissued and outstanding shares.
RBC Capital Markets and Scotiabank led the syndicate of underwriters.