Allied Properties says its issue of 483 million rights shares to raise $620 million has been over-subscribed, with applications equivalent to 108 per cent of the shares available.

The company's major shareholder, Allied Group, will have beneficial interest in 1.48 billion shares after the rights issue, representing 51.15 per cent of the enlarged issued share capital of the company.

Allied Group earlier pledged to take up its entitlement under the issue in respect of its previous 50.25 per cent stake. Shenyin Wanguo Capital underwrote the exercise.