Singapore’s Keppel Land (KLAN.SI) has raised $708 million in a rights share issue after it was fully subscribed, according to a term sheet.

Bank of America's (BAC.N) Merrill Lynch acted as a lead manager for rights issue, the term sheet said.

The company said in late April it will make a rights offer to take advantage of opportunities in the weakened property market.

Keppel Land offered nine rights shares for every 10 existing shares at $1.09 a share, then a 42% discount. Shares of Keppel Land have more than doubled since the rights issue was announced, closing at $2.54 a share today, down 1.9% on the day.

Oil-rig builder Keppel Corp (KPLM.SI), Keppel Land’s majority shareholder with about 53%, will subscribe to its full entitlement of rights shares, the property developer said in a separate statement.