Lend Lease last night launched a bookbuild to fill a A$217.14 million shortfall from its underwritten A$806m capital raising.

Small shareholders took up A$135.52m or 46% of the retail allocation, the company said yesterday.

Lend Lease launched its A$806m equity raising in February after winning a slew of new projects and pressure from ratings agencies concerned about the strain on its balance sheet.

The raising was through a renounceable entitlement offer at $7.70 a security, which was a 15.8% discount to the then share price of $9.67.

The Australian