Property group Growthpoint has reduced the value of its proposed rights offer from R2 billion to R1.742 billion due to a unclear ruling approved at its annual general meeting held last month, it said.

Just after the market closed on Thursday, Growthpoint said it would issue units to existing shareholder to raise R2 billion to strengthen its balance sheet for acquisitions.

"This resolution is open to interpretation as to whether it only permits a maximum of 10% of the currently issued linked units to be issued as new linked units in circumstances such as those for the current Rights Offer which includes both an upfront claw back portion and a subsequent issue," the company said.

As a result 128,092,620 new Growthpoint linked units will be offered at a price of 1,360 cents per linked unit in the ratio of 10 Rights Offer Units for every 100 Growthpoint linked units currently in issue.