Cookson Group, the UK materials technology group, has succeeded in raising £277m (€434.4m) through a rights issue aimed at reducing its £750m debt burden.

The group received acceptances for 91.6% of the eight-for-five rights issue, at a price of 25p per share, by the offer deadline on Wednesday. The remaining 98.4 million shares were sold into the market on Thursday at 30p each.