UPDATE 2-Heijmans shares fall after rights issue results

* Rights issue 86.6 percent subscribed

* Rump offering "well covered"

* RBS says offering does not solve company's profit issues * Shares down 5 percent

(Adds rump offering completed)

AMSTERDAM, July 10 (Reuters) - Loss-making Dutch builder Heijmans (HEIJ.AS) reported an 86.6 percent take-up for its rights offering Friday, sending its shares lower, though a subsequent offering of the leftover stock was well covered.

Heijmans's six-for-one offer at 0.70 euro per share, a 40 percent discount to the expected post-offering price, had been seen by analysts as deeply discounted relative to other European offerings.

The rump priced at 0.90 per share and was fully taken up, Heijmans said in a statement.

Heijmans shares were down 4.9 percent at 0.981 euro at 1108 GMT.

The stock doubled in early January on a land sale that eased fears about debt levels, but since then has lost about half its value. In the same time the Amsterdam midcap index .AMX has risen about 12.4 percent.

Separately on Friday, Royal Bank of Scotland analyst Marc Hesselink removed the stock from the bank's Benelux short list and said the rights issue did not solve problems with profitability for the group.

"If we don't see significant improvement quickly, covenants might be broken again or Heijmans would become a forced seller in its divestment programme," Hesselink said. (Reporting by Ben Berkowitz, editing by Will Waterman)