UK: Investors buy quarter of new B&B shares

Troubled lender Bradford & Bingley today said investors had bought more than one in four of the new shares offered under its £400m (€507.2m) fundraising plans.

B&B said 27.8% of its new shares had been taken up by investors when the deadline for the rights issue expired on Friday.

Although better supported than a recent rights issue by rival Halifax Bank of Scotland, almost £300m (€380.4m) of B&B’s new shares will be left with underwriters backing the cash call.