CAPITAL raisings have become routine in recent months but Tuesday was still a bumper day with three firms announcing they are going to shareholders for more cash.

Neptune Orient Lines took the spotlight with its $1.44 billion rights issue but Yellow Pages and Equation Corp also announced that they will be selling shares to shore up capital.

The timing is no coincidence. The market rally has made shareholders keener to open their wallets and companies are keen to oblige them.

Yellow Pages said it intends to raise $58.9 million by issuing about 395 million rights shares at 15 cents a piece.

For every two shares held, shareholders of the directory publisher will receive five rights shares with two warrants.

Each warrant carries the right to subscribe for one new share at the exercise price of 17.5 cents.

The issue price comes with a 62 per cent discount to the closing price of 39.5 cents on Tuesday.

Executive chairman Stanley Tan, Global Media Holding and Third Ave Global who collectively hold an aggregate of about 51.3 per cent - have undertaken to subscribe for their respective entitlements.

If the maximum 158,065,000 warrants are issued and all are exercised, Yellow Pages will raise an additional $27.7 million.

Read the full report in Wednesday's edition of The Straits Times.