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Travis Perkins reports high shareholder take-up of new shares

Building materials supplier Travis Perkins has reported a 92.7 per cent take-up from shareholders for its rights issue to raise £300 million.

The group said its shareholders had snapped up 79.6 million new shares.

And Citigroup Global Markets and HSBC Bank, acting as joint bookrunners, have found takers for the remaining 6.8 million new shares at a price of 550p per share.

Travis Perkins will use the money to help reduce its £1 billion debt and to improve its trading position through the recession.