The group of banks and brokers underwriting the Kier Group rights issue were left nursing estimated losses of almost £7m after only 38% of investors took up the deeply discounted fundraising.
The construction company said yesterday that almost 24.3m shares, or only 37.7% of the issue, were taken up by shareholders.
It was the lowest percentage uptake for a UK rights issue since 2012, according to figures from Dealogic, the financial data company, with most having rates above 95%.
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