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Energy giant Woodside has raised $1.57 billion through the institutional portion of a $2.5 billion rights share offer to fund the purchase of additional stake in Western Australia’s Scarborough gas field and expansion of other gas projects.

Woodside says it has received strong support from existing institutional shareholders, with more than 90 per cent of eligible institutional shareholders electing to take up their entitlements.

The retail portion of the one-for-nine rights offer will open on February 21 and close on March 7.