Kier has confirmed it will attempt to raise £241m in fresh capital through an equity raise in a move its chief executive has called “the final milestone” of the contractor’s turnaround. The cash call is marginally above the £190m-£240m range it said it was considering when it first announced plans to issue new shares on 21 April. Proceeds from the equity issue, combined with income from the £110m sale of Kier Living, will help Kier pay down its debt and strengthen its balance sheet, the company said. Kier’s new shares will be issued at 85p each, a 17 per cent discount on its closing price yesterday of 102.4p. Kier’s total share issuance will more than double from just over 162 million shares to more than 446 million, diluting the existing shareholders by almost two thirds.