Envestra Limited announced today a non-renounceable rights issue, which APA Group (APA) will partly underwrite.

APA currently holds a 19.1% interest in Envestra and intends to take up its entitlement under the issue at a value of $21.2 million. APA has also agreed to partly underwrite the Envestra capital raising up to a maximum that will increase APA’s security holding to 35%. In addition to its entitlement, APA’s maximum underwriting commitment is $62.0 million.