Pennon Group PLC - Exeter, England-based owner of South West Water and Sutton & East Surrey water utilities - Rights issue closes with shareholders buying 93% of the new shares on offer, a total of 172.1 million shares. Pennon launched the £490 million rights issue at the end of last month, after the UK regulator Ofwat accepted its five-year investment plan. The 185.9 million new shares were offered to shareholders at 264 pence each, on the basis of 13 new shares for every 20 existing shares. The rights issue was underwritten by Barclays Bank PLC and Morgan Stanley & Co International PLC, who acted as joint global co-ordinators and bookrunners for share offer, and Pennon on Tuesday says the two banks now will find buyers for the remaining 13.7 million shares.

Current stock price: 462.93p, down 1.7% in London on Tuesday

12-month change: down 11%

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