Punch faces tussle with its investors

<div>HEAVILY indebted pub chain owner Punch Taverns is facing opposition from major shareholders to its plans to raise &pound;375m in a share sale.<br /><br />Greenlight Capital, the US hedge fund, and QVT Financial are believed to be among those who will vote against the fund raising at the group&rsquo;s AGM in protest at the potential dilution of their holdings.<br /><br />Greenlight has aggressively sold down its stake in the pub owner from 13.3 per cent to 8.98 per cent during the fundraising plans. QVT has a 4.1 per cent holding in the company.<br /><br />A spokesman for Punch said: &ldquo;In determining the size of the offer we had to balance the views of all our shareholders.&rdquo; &nbsp;He added: &ldquo;We&rsquo;ve seen broad support from across our register.&rdquo; Greenlight declined to comment.<br /><br />Punch Taverns has sold 331 pubs this year to &nbsp;reduce its &pound;4.31bn debt.</div>