Pyne Gould Corp continues to harbour aspirations that its troubled finance company subsidiary, Marac, will be able to qualify for a banking licence, though not necessarily this year.Pyne Gould yesterday announced plans to raise between NZ$252 million and NZ$270 million through a rights issue, a further placement and a share purchase plan. First NZ Capital Securities will underwrite the NZ$237 million underwritten rights issue. PGC said the rights issue would make PGC debt free by repaying NZ$35 million of bank debt. The issue would also help in its drive to obtain a banking licence for Marac over the medium term. The firm will apply NZ$125 million of the funds raised to buy Marac's property loan portfolio (and will buy a further NZ$50 million in assets with debt) and a further NZ$35 million would strengthen Marac's balance sheet through a capital injection.The rights issue will allow director George Kerr, who through interests currently owns 10 per cent of the company, to increase his holding to as much as 20 per cent.Pyne Gould first said two months ago that Marac would pull out of property lending and apply for a banking licence.Interest.co.nz