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Leighton shares fall 3 pct after raising A$700mln

Tue Aug 19, 2008 8:09pm EDT

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MELBOURNE, Aug 20 (Reuters) - Shares in Leighton Holdings Ltd (LEI.AX), Australia's top engineering contractor, fell as much as 3.3 percent after resuming trading on Wednesday following a A$700 million ($609 million) capital raising in a rights offer.

Its shares last traded down 1.2 percent at A$41.44 at 0007 GMT. The broader market .AXJO was up 0.5 percent.

The 14-for-1 entitlement offer, which increased Leighton's share base by about 6 percent, was priced at A$35.35.

Rights not taken up and sold to institutions in an auction were priced at A$41 a share.

That was just 1 percent below the group's last trade ahead of a trading halt last week, taking into account the new shares would not be eligible for the group's final dividend of 85 cents for 2008. ($1=A$1.15) (Reporting by Sonali Paul)



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