Mansion House Group has become the latest firm to take advantage of a strong run-up in share prices, raising $50.4 million through a placement. The stockbroker said majority shareholder China United Telecom placed 112 million shares with independent third parties at 45 cents per share and agreed to subscribe to the same amount of new shares issued by the company at the same price. The placement was done at a 4.65 per cent premium to Mansion House's last traded price of 43 cents on Tuesday before it was suspended, and at a 17.65 per cent premium to the average closing price in the previous 10 trading days. The placement shares account for 8.95 per cent of the existing issued share capital. After the top-up placement, the combined stake of China United and Lu Ruifeng, a China United director and chairman and chief executive of Mansion House, will fall to 45.54 per cent from 49.62. Of the amount raised, $15 million will be used to pay debt and $10 million for business development.