British Telecom rights issue subscription rate stands at 89.5%

British Telecom announced that its rights issue subscription rate stood at 89.5% and 206.9mln shares would be issued. The company announced rights issue in early May at a proportion of 3-for-10 and a price of 300 pennies. It raised 5.9 bln pounds through the deal which is the biggest rights issue plan in the country. The raised fund would be used to reduce its debt up to 30 bln pounds. The company also announced to spin off BT Wireless and Yell would be spun off or sold.

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