Financial Times FT.com

UK housebuilders

Taylor Wimpey to raise £510m

By Bryce Elder in London

Published: May 8 2009 22:50 | Last updated: May 8 2009 22:59

Taylor Wimpey shares surged on Friday after the housebuilder launched a £510m ($777m) fundraising to pay down debt in a tactic its peers look likely to follow.

Britain’s largest homebuilder, set out plans for a fully underwritten open offer and share placing priced at 25p a piece, which was pitched at a 48 per cent discount to the closing price on Thursday.

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