The parent company of Connecticut utility United Illuminating generated $501.5 million from its offering of common stock, as it exercised its option of an additional 2.6 million shares.
The original offering called for 17.7 million shares, but UIL Holdings held the over-allotment option for an additional 2.6 million.
The proceeds from the offering will help fund UIL’s acquisition of three natural gas utilities in Connecticut and Massachusetts.
