By BridgeNews Infineon Technologies AG, the German chipmaker, said July 13 it raised about 1.27 billion euros (US$1.09 billion) through the sale of new shares, which it will use to fund future capital expenditures and potential acquisitions as well as repaying short-term debt. Shares were sold for 25 euros each and $21.33 per American Depositary Share. The sale of 52,174,000 shares was 3.8 times oversubscribed. A further 7,826,000 shares will be available as an over-allotment, or greenshoe, option valued at around 1.5 million euros. The greatest demand came from institutional investors in the UK, the U.S., and Germany, Infineon said. "The result of the capital hike shows the trust investors have in us," Infineon Chief Executive Ulrich Schumacher says. "Our goal is to possess a solid investment volume at strategic projects also in the regressing semiconductor market and at the same time to hold an efficient cost-cutting program." The new shares started trading on the Frankfurt stock exchange and New York Stock Exchange Friday. Parent company Siemens AG's stake in Infineon has fallen to 51% following the offering, the group said.