February 14, 2018 / 7:22 AM / 2 years ago

British construction group Galliford Try looks to raise 150 mln stg

Feb 14 (Reuters) - British construction group Galliford Try laid out plans to raise 150 million pounds ($209 million) from investors in coming weeks and said it would bring forward plans to increase its dividend cover to the current financial year.

It said Carillion’s collapse had increased its cash commitments on an Aberdeen joint venture by more than 150 million pounds and the fundraising would ensure it does not have to divert money away from its other units to cover this excess.

Galliford, which also builds houses and works on regeneration projects, intends to bring forward the planned increase in its dividend cover to 2 times pre-exceptional earnings per share to the current year through June, it said. ($1 = 0.7195 pounds) (Reporting by Esha Vaish and Radhika Rukmangadhan in Bengaluru; Editing by David Holmes)

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