Ingenuity Property Investments (ING) has issued a total of 156.5-million shares for cash‚ representing 14.9% of its issued share capital‚ raising a total of R125.2m‚ it said on Friday.

Ingenuity shareholders approved a share issue at the annual general meeting in January.

The shares were issued at 80c per share‚ representing an 8.8% discount to the 30-day volume-weighted average price prior to October 22 2013.

The proceeds would be used to reduce existing borrowings and to fund future growth opportunities‚ the company said.