Housebuilder Redrow has offered almost 26m shares, representing about 7% of its share capital, to prospective investors in a share placing.
The shares were being sold by Bridgemere Securities, the vehicle of Redrow founder Steve Morgan, and a charitable trust that he founded.
The placing comes after Redrows shares and profits hit a record high last week, with pre-tax profits up by more than a quarter to £315m and the full-year dividend raised by 70% to 17p.
