Helios Towers to participate in placing as Helios Investment Partners looks to offload stake

(Sharecast News) - Helios Towers said on Monday that it plans to participate in a secondary share placing by Helios Investment Partners Fund II, after the latter said it was looking to sell its entire shareholding in the telecoms firm. Helios Investment Partners Fund II said it plans to sell a stake of around 3.9%, which represents about 41m shares in the company, through a placing of ordinary shares to institutional investors.

The price per placing share will be determined through an accelerated bookbuilding process.

"The placing is subject to demand, price and prevailing market conditions, and there can be no assurance that the placing will proceed or as to its size or terms," Helios Investment Partners said.

Helios Towers said in a separate statement that it will participate by purchasing up to 10% of the secondary share placement.

The shares closed down 3.1% at 162p.