Myer shares have plunged to a new all-time low after the completion of the first part of the department store’s $221 million capital raising.

The shares were down 19 per cent to 94 cents at 1145 AEST, with their value diluted by the offer of two new shares for every five owned by investors.

Myer shares were valued at $4.10 when they first went to market in October, 2009.

The retailer this week reported a 70 per cent drop in full year profit to $29.8 million, and launched a $600 million overhaul of stores in an effort to boost sales.

To help fund the plans, it has so far raised $99 million from institutional investors, and expects to raise a further $122 million through a fully underwritten retail entitlement offer.

– AAP