Legal & General Group has announced that it has received 95% backing for its £786m rights issue.

The equity fundraiser, which closed last night, will be directed to fund new business ventures.

The remaining 71m shares have been sold at 105 pence each. Legal & General are said to be happy that the price received is well above the rights issue price of 60 pence a share.

The issue was jointly underwritten by investment banks UBS Warburg and Dresdner Kleinwort Wasserstein.

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