Greene King has seen shareholders snap up over 90% of new shares from its recent rights issue.

The UK-based brewer said today (29 May) that 75.3m new shares have been acquired as part of the three-for-five rights issue, announced last month.

This represented around 93% of the shares offered to shareholders. Subscribers have also been procured for the remaining 5.5m shares, Greene King said.

In April, Greene King said it hoped to raise in the region of GBP200m (US$321.6m) in order to raise funds for acquisitions and help pay down debt. The Old Speckled Hen brewer said that the move will allow it to acquire pubs in southern England and Scotland that may become available at attractive prices in the economic downturn.

The extra funding will also be used to pay down some of the firm's debt.