Redrow gets OK for £150m rights issue, makes acquisition

Shareholders at house builder Redrow approved a rights issue that will raise around £150m at a General Meeting today.

The rights issue, totalling 148,584,705 shares, will see 13 new shares issued for every 14 existing shares.

The house builder intends to use the funds to clear existing debt and finance acqusitions.

Redrow also announced the acquistion of land assembly company Harrow Estates, along with its land bank, for £15m.