Seven West Media has raised $289 million from institutional shareholders to fund the broadcaster's efforts to clean up its balance sheet and pay down debt.
The amount raised from institutional investors through the $1.25 per share raising is well above the $150 million UBS agreed to underwrite.
Seven West announced the raising on Wednesday, which coincided with news major shareholder Seven Group would redeem its preference shares early, saying it planned to use the money to pay down its $1 billion debt pile.
Shares in the broadcaster were down four cents, or three per cent, to $1.27 per share as of 1510 AEST.
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