Insurer and fund manager Tower is seeking to raise $81.3 million from shareholders to strengthen its balance sheet.
The company is offering a rights issue of five new shares for every 16 shares at $1.34 each, a 26% discount on Tower's closing price of $1.81 on Friday.
Guiness Peat Group, which owns 35% of Tower, says it will take up the offer.
Earlier this year Tower raised $82 million in a bond offer and used the money to pay down debt.
The company's debt gearing dropped to 5%, well below the 40 percent ceiling it has with its banks.
This time, Tower says the money will be used to support growth in its existing businesses, and to fund any potential acquistions that may come up.
Tower's underlying half year profit rose 5% to $20.4 million as it sold more health and life insurance, raised premiums for general insurance, and aggressively cut costs, particularly in its investment arm.
Tower is New Zealand's third-largest retail fund manager and second-largest health insurer.
On Monday morning the company's shares fell 5 cents to $1.76.
