Findel open offer proves popular

Home shopping business Findel has raised the £81m it was after as investors snapped up over 97% of the shares allocated to them via an open offer.The company announced last month that it wanted the money to speed up its debt reduction plan and enter into cheaper and less restrictive bank facilities.About 97.6% of the 204m shares allocated to shareholders at 20p each were taken up, with the remainder bought by investors with whom they had been conditionally placed. The remaining £40m was raised through a firm placing.The issue price represents a discount of 51.5% to the closing price on 23 July, the day before the cash call was announced.