Cheung Kong Infrastructure Holdings Ltd (CKI), backed by Asia's richest man Li Ka-shing, plans to raise up to $521 million in a Hong Kong share offering to fund its investment in Britain's Eversholt Rail, IFR reported late on Tuesday, citing a term sheet of the transaction.

The company is offering 69 million shares in an indicative range of HK$56.60 to HK$58.60 each, equivalent to a discount of up to 6.75 percent to Tuesday's close of HK$60.70, the terms showed. That would put the total share sale at up to HK$4.04 billion ($521 million).

Deutsche Bank, JPMorgan and Morgan Stanley were hired as joint bookrunners for the deal, IFR said.

CKI on Tuesday agreed to buy Eversholt for 2.5 billion pounds from a group of investors including UK private equity fund 3i Infrastructure Plc.

CKI didn't immediately respond to email and phone requests for comment from Reuters after business hours.