3i considers issuing new shares

3i is considering a rights issue in an effort to reduce its debt pile, which totalled £2.1bn in December.

According to a statement, the firm is "considering a range of financing options including the potential issue of new equity."

It has been reported that 3i could raise as much as £700m. In February, CEO Michael Queen shut down 3i Quoted Private Equity, an investor in smaller publicly-traded companies, in an attempt to halve the firm's debt. He is also selling stakes in venture capital investments.

Last month, the firm's shares dropped to a record low of 174.5 pence, but have since climbed to 334.25 pence on the London Stock Exchange.

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