Metlifecare's major shareholder has cut its stake in the rest home operator to just over half, after the company raised almost $100 million.
Retirement Villages New Zealand will receive $59.2 million for reducing its stake from 82% to 51% , at a price of $2.10 each.
Metlifecare also raised $40 million in 141.5 million new shares to help cut debt, expand its operations and resume paying dividends.
Managing director Alan Edwards says the money will be used to expand at five sites.
The company intends offering up to $15,000 worth of extra stock to existing shareholders within the next month.
Mr Edwards says demand was broad-based, with institutions, habitual investors and existing shareholders seeking shares.
The board will also change to reflect the new ownership structure, with three independent directors, three RVG representatives and Mr Edwards.
Metlifecare operates 16 retirement villages and nine care facilities. It reported a lower annual profit of $20.8 million and cut debt by $44.5 million to $125 million by June.
