SINGAPORE - Shareholders of 3Cnergy have subscribed for 93.4 per cent, or 1.43 billion rights shares, in its rights offering, raising $31.5 million for the real estate company.

3Cnergy had offered shareholders the right to buy one rights share at 2.2 cents for every common share held. Of the 1.53 billion rights shares that were offered, the company received valid acceptances for 1.43 billion rights shares and excess applications for 2.1 million rights shares. Excess applications were satisfied from the 104 million rights shares that were not validly taken up or accepted by shareholders.

The valid acceptances included 724 million rights shares that Phileo Capital - which took over the company in May 2013 - had promised to take up.

The rights shares will be issued on Tuesday (May 15), and listing will take effect on May 17.

3Cnergy shares last traded at 2.3 cents on Monday.

3Cnergy has said that it will use the proceeds to repay term loans and for working capital.