It may be one of the market's worst-kept secrets but battling conglomerate Austrim Nylex was late last week raising about $83 million to recapitalise and keep its bankers off its back.

Stockbroker Bell Potter had originally intended to issue new shares at 30 ¢ each. But it was not well received, and word of the heavily dilutive placement spread like wildfire, triggering a share-price dip.