Lend Lease Corp shares have lost almost one-fifth of their value after the property giant raised $302.5 million in new capital through an institutional share placement.
In afternoon trade, Lend Lease shares were down $1.22, or 18%, to $5.54.
Lend Lease completed the placement on Thursday, with 50 million new shares sold at $6.90.
Managing director Greg Clarke defended the timing of the capital raising. He said Lend Lease has been prudent in how it managed its funds even though the current downturn was the 'biggest economic shock'' he had seen.