An additional sum of $120 million has been raised by Fletcher Building from its share purchase plan and top-off offer. The move now takes the total capital raising by the company from a previous placement and these offers to $526m.

Yesterday, both the top-up offer and the $100m share purchase plan closed over-subscribed. Thus no need was required for the underwriters to take up any shares.

The plan offer received applications totaling of $177m and $21.7m for the top-up offer.

Chief executive Jonathan Ling said, “The amounts we have raised ensure that Fletcher Building continues to be in a strong financial position and is well placed to grow as markets recover.”

A sum of $406.5 million was raised last month by Fletcher Building via an underwritten placement of new shares to institutional investors.