Fletcher Building raises $100m

Fletcher Building's $100 million share purchase plan will close today oversubscribed, following a $406.5 million capital raising to institutional investors last month.

An extra $44m was applied for as of yesterday. The company would scale back applications on a pro rata basis to keep the amount raised from shareholders at $100m, of which $60m was underwritten.

A $20m top-up offer for eligible shareholders had not received the maximum amount of applications.

The capital raising closes at 5pm. The company plans to use the proceeds to repay debt.

- NZPA