Taylor Wimpey confirms £510m rights issue

Housebuilder Taylor Wimpey, which has offices in Warrington and Manchester, has revealed plans to raise £510m through a share issue.

The UK's biggest housebuilder told the London Stock Exchange it was issuing 2.13bn new ordinary shares at 25p each, representing a 48% discount on last night's share price of 48.25p.

The cash raised, from existing and new investors, will reduce the group's £1.53bn debt. The company said the measure would "significantly improve the structure of the balance sheet" and would allow the group "greater flexibility to use cash generated from operations to invest in future development".

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