Tower raises $81.3m

Tower has raised the $81.3 million it was seeking in a rights issue.

Applications for $119.85 million of shares were received from holders taking up rights and applying for additional shares so the maximum offer amount of $81.3 million of shares will be issued.

A breakdown showed the take-up under the entitlement was 91 per cent, representing a shortfall of $7.3 million, but there were $45.8 million of applications under the additional share facility.

The new shares are expected to be issued on Monday.

- NZPA