Ontario to sell more Hydro One shares on TSX Wednesday

Hydro One announced Tuesday that the utility and the Ontario governmentareputting anotherlarge block ofshares on the marketfive months after the provincebegan the biggest sell-off of a Canadian crown corporation in 20 years.

The company announced in a news release it will sell more than 72 million shares ata price of $23.65 per share, for total gross proceeds of approximately $1.71 billion.

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The shares will be offered on the Toronto Stock Exchangestarting Wednesday.

The sell-off is the lateststep in the Wynne government's controversial planto sell off 60 per cent of the utility and use the proceeds to help finance the province's infrastructure investments. Both opposition parties oppose the sale.

A report by the province's financial accountability officer last October suggested the sale could have a long-term negative impact on the government's finances.

Last November, the Ontario governmentmade history bysellinga large chunkofHydro One into private hands, putting81 million shares on the Toronto Stock Exchangeat $20.50 a share.

Investors snapped up around eight millionmore shares shortly after the initial sale.

The province said the sale, combined with several tax benefits, meant the total financial gain was more than $5 billion.

This latest share offeringis being made through a syndicate of underwriters led by RBC Capital Markets and Scotiabank. In addition, the province is offering investors the option of purchasing "an additional 10,865,200 Common Shares at the same price per share" which, if exercised in full, would raise the proceedsto approximately $1.97 billion.