June 17 (Reuters) - New Zealand's infrastructure investor Infratil is aiming to raise NZ$1.15 billion ($703.8 million), in one of Asia's largest capital raisings this year, to ramp up investment in data centres and exposure to generative AI.

Part of the proceeds from the deal will be spent funding Australian-based data centre operator CDC's future growth plans amid increased demand for cloud adoption and generative AI.

The fund raising is made up of an institutional placement of NZ$1 billion and a non-underwritten retail offer of NZ$150 million.

The placement shares will be issued at NZ$10.15 apiece, representing a discount of 6.8% to the company's last close of NZ$10.89 on Friday. The retail tranche will be priced lower than the institutional placement, Infratil said.

There will be 98.5 million new ordinary shares issued which represents about 11.8% of current issued capital, the company said.

Infratil holds a 48.24% stake in CDC which in early January was valued at A$3.7 billion to A$4.3 billion, according to a regulatory filing.

Infratil's increased investment in CDC comes at a time when global private equity investors are readying investments linked to data centres in response to the artificial intelligence boom.

The firm said it expects to commit equity funding of around A$600 million ($396.30 million) to CDC over the next two years while reiterating no changes to its guidance for fiscal 2025.

The rest of the proceeds will be used to increase investments in Infratil's renewable, digital and healthcare assets, the company said. ($1 = 1.6340 New Zealand dollars) ($1 = 1.5140 Australian dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Diane Craft and Chris Reese)