APN says raises A$83 mln from institutions

WELLINGTON, May 21 - Australian media firm APN News & Media Ltd (APN.AX) said on Thursday it had raised A$83 million ($64.8 million) through a share issue to institutional investors.

Earlier in the week the company launched a one-for-five rights offer to raise up to A$99 million.

APN shares were trading at A$1.16 prior to being placed on halt for the capital raising.

APN's biggest shareholder, Ireland's Independent News & Media (INME.I), is not participating in the offer. APN has said it will not pay an interim dividend.

($1=A$1.28)