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TOWER raises NZ$62.3M in rights offering

TOWER Ltd. said it raised approximately NZ$62.3 million from its rights offer.

The company said shareholders took up about 148.4 million new shares, representing approximately 88% of the new shares available under the offer. The underwriter of the offer, Goldman Sachs New Zealand Ltd., agreed to take up about 20.3 million shares that were not taken up under the offer.

The company expects to allot the new shares on Dec. 20.

As of Dec. 14, US$1 was equivalent to NZ$1.43.