A share offer initiated by Black Country engineering group Hampson Industries has enjoyed a 75 per cent take up.

The aerospace firm, which is saddled with debts of £146.3 million, plans to generate £59.5 million – or about £55.6 million net of expenses – by issuing more than 119 million new shares at an issue price of 50p.

The offer closed on February 17, at which time about 74.2 per cent of the open offer shares had been taken up.

The remaining 15,342,718 open offer shares of the open offer shares, have been allocated to the placees with whom they have been conditionally placed.

The capital raising remains conditional on the approval of shareholders at a meeting today.