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Barratt reveals 92.3pc take up of its £720m rights issue

Barratt has sold 92.3 per cent of its new shares created for the house builder’s £720 million rights issue, the firm announced today.

Barratt received valid acceptances from shareholders for 503.3 million of the 545.5 million new shares issued in the fund raising exercise.

The take up means it has raised around £665 million of the intended £720 million.

A statement to the stock market said it is expected that the new ordinary shares will commence trading, fully paid, on the London Stock Exchange’s  main market from today.

The deadline for acceptance and payment in full for the qualifying non-Crest shareholders to take up their entitlement was 11am yesterday.

The funds will be used to further shore up Barratt’s balance sheet as well as helping to kick start building plans.