Mexichem Advances FO

Mexichem has received shareholder approval for the issuance of new stock, it says, paving the way for its planned equity follow-on. The transaction is awaiting launch, and expected to do so as soon as this month ahead of a likely October pricing. The Mexican industrial conglomerate’s approval covers an issue of 260m shares, an amount that would raise MXP16.06bn ($1.25bn) at Wednesday’s MXP61.77 closing price. Citi, HSBC, JPMorgan and Morgan Stanley are managing the transaction. The equity sale follows the raising of $1.15bn in the international bond market earlier this month. The offering of 10 and 30-year bonds received $17bn in orders.