Industrial Alliance Insurance and Financial Services Inc. plans a domestic offering of preferred shares worth $100 million, the company said Tuesday.

A syndicate of underwriters led by Scotia Capital Inc. and RBC Dominion Securities Inc. have agreed to buy, on a bought deal basis, 4 million non-cumulative class A preferred shares Series E from Industrial Alliance.

The Series E shares will be sold to public at a price of $25 a share. The share will yield 6% annually, payable quarterly, as and when declared by the company’s board of directors.

The offering is expected to close on October 15. The net proceeds will be used for general corporate purposes, the company says.

IE