Wellington, June 26 NZPA - The underwriters of the Fisher and Paykel Appliances Holdings Ltd rights issue are making up a shortfall of about $7 million, or 4.9 percent, of the issue.

FPA said the issue, which closed on June 25, raised $142.9m.

Subscriptions were received for shares worth $135.9m, representing a take-up of approximately 95.1 percent.

The under subscription totalled $7m, representing a shortfall of about 4.9 percent.

Underwriter First NZ Capital and Deutsche Bank AG and sub-underwiters took the under-subscription up in full.

"I am delighted that our shareholders have, to an overwhelming extent, participated in the successful recapitalisation of FPA," said chairman Gary Paykel.

China's Haier Group took up its full entitlement under the rights issue and will be issued a further 27,332,786 new shares to increase its shareholding to 20 percent as signalled.

Following the issue to Haier FPA will have raised gross proceeds of $200.5m, from a combination of the $142.9m rights issue, $46.5m from an initial placement with Haier and $11.2m in a Haier top up placement.