9 Jun 2011

Contact Energy finalises capital-raising

8:16 am on 9 June 2011

Contact Energy has completed its $351 million capital-raising.

Institutions have bought the shares that had not been sold in a one-for-nine share offer that closed earlier this month.

Nearly 95% of investors took up the $5.95-per-share offer earlier in the month.

After a bookbuild on Wednesday, 3.8 million shares were sold at $5.85 each.

Contact Energy plans to use the money to strengthen its balance sheet and fund the building of new generation plant.

It's shares rose 21 cents to $6.02 on Wednesday.