Belle Corp., a listed leisure property developer controlled by billionaire Henry Sy, said its recently concluded stock-rights offering saw excess demand by 201.7 million shares, or about 13 percent, a stock-exchange filing on Tuesday showed.

Belle said a total of 1.71 billion rights shares were subscribed versus the 1.508 billion available shares on offer. Proceeds came in at P4.5 billion to be used to help fund the construction of its Belle Grande integrated casino complex rising in the Manila Bay reclamation area.

The rights offering was launched on September 22, with existing shareholders entitled to buy one rights share for every six held at P3 each. The offer price is payable over two installments by September 29 and January 30. The listing date is set on October 10, Belle added.

Shares of the company added 0.31 percent to P3.27 each on Tuesday.

Sy-led BDO Capital and Investment Corp. acted as issue manager and underwriter for the stock-rights offering while Deutsche Bank AG was tapped as financial adviser.

The company said construction for the $750 million casino complex is ongoing with the grand opening scheduled in the first quarter of 2013. 

The Belle Grande expects to have 250,000 square meters (sqm) of gross floor area upon completion, with 17,000 sqm for gaming space and over 20,000 sqm meters of retail and restaurant facilities. It will also have 800 hotel rooms.