Canadian telecommunications giant Telus Corp. (TSX:T) plans to raise $1.3 billion through a new stock sale as the company ramps up investments in broadband connectivity and 5G wireless expansion.
Telus said it would sell 51.3 million of its shares to underwriters at $25.35 each, a 3.4% discount to the stock’s last close on the Toronto Stock Exchange.
Telus intends to use the proceeds from the stock sale to accelerate its broadband capital investment program, including the buildout of its PureFibre infrastructure in Alberta, British Columbia and Eastern Quebec, as well as an accelerated roll out of its national 5G wireless network.
RBC Capital Markets and CIBC Capital Markets are the underwriters on the stock sale, while BMO Capital Markets, Scotiabank and TD Securities are the book runners.
