* Says raising funds to pursue opportunities
* Says has S$627.3 million cash, low debt-to-equity of 0.52
* Traders say rights to hurt KepLand shares, not overall mkt
(Adds details of issue)
SINGAPORE, April 24 (Reuters) - Keppel Land <KLAN.SI>, Singapore's third-largest developer, said on Friday it planned to raise S$712.3 million ($474 million) via a rights offer to take advantage of opportunities in the weakened property market.
"The company believes that the current macroeconomic environment will present attractive opportunities in the real estate sector across Asia," Keppel Land said in a filing to the Singapore stock exchange.
The developer added that it was already in a "strong financial position to weather the current economic slowdown", with cash balances of S$627.3 million and a net debt-to-equity ratio of 0.52 as of March 31.
Traders said Keppel Land's fund-raising may hurt the firm's shares but was unlikely to affect the overall Singapore market given the likely boost from gains in U.S. stocks overnight and South Korea's better-than-expected first-quarter GDP numbers.
Keppel Land plans to offer nine rights shares for every 10 existing shares at S$1.09 a share, a 42 percent discount to its last traded price of S$1.88.
Oil-rig builder Keppel Corp <KPLM.SI>, Keppel Land's majority shareholder with 53 percent, will subscribe to its full entitlement of rights shares as well as underwrite 90 percent of the remaining offer, which is being managed by Merrill Lynch, according to the filing. ($1=1.503 Singapore Dollar)
