Share sale raises $10m

Auckland-based maker of energy efficient motors Wellington Drive Technologies (WDT) says it has raised $10.75 million through the sale of shares.

A rights issue which closed on Friday raised $9.1 million of the $11.4 million sought, the company said yesterday.

In addition, WDT said it had agreed a placement of $16.5 million of the $23 million share shortfall to a major institutional shareholder at the issue price of 10c, lifting the total amount raised to $10.75 million.

WDT shares were up 0.3c to 11c in early trading yesterday.

- NZPA