Shareholders of Mexico’s ICA have approved the sale of up to 150 million shares, the builder and concessionaire says, in a deal that should raise $350 million. The Mexican builder is proposing to issue 45 million units locally and 105 million globally.

A sale can take place in the next 12 months, but is expected in July. The transaction would include a 15% overallotment option. About half the proceeds would be used to invest in new infrastructure products, ICA says, with the remainder spent on civil construction, research and maintaining existing projects.

Santander and BofA-Merrill Lynch are managing both the international and domestic sales, with co-managers yet to be named. The sale would be the first new equity offering from Mexico since Genomma Labs’ $260 million IPO in June 2008.

For the complete story, click here.