Ayala Land raises $323 million from placement

Ayala Land, a Philippine property developer, has raised Ps13.6 billion $323 million from a top-up placement, which it plans to use for acquisitions of properties and assets. The bookbuilding was launched after the market closed in the Philippines on Tuesday and the deal was completed late that evening, a source said yesterday.

The deal went ahead after Ayala Land’s executive committee approved the placement of 680 million common shares at a price of Ps20 a share and the issuance of an equal number of new Ayala Land shares at the same price. It noted that Ayala Corporation was the seller of the placement and the subscriber of the subscription tranche...