Investors will have to wait a fortnight for a detailed update on trading from HBOS, the owner of Halifax and Bank of Scotland.

The bank confirmed this morning that it will not reveal any further information on recent trading until it publishes its rights issue prospectus in two weeks' time.

Shares in the bank, which is planning to raise £4 billion, fell by more than 4 per cent to 336p. The market was expecting to hear from the UK's biggest mortgage lender sooner.

The capital raising is being carefully watched after Bradford & Bingley scrapped its £300 million rights issue on Monday, replacing it with a £258 million issue and £179 million capital injection from TPG Group, the US private equity firm.

B&B cited increased impairments on its mortgages as one of the reasons for dropping the original issue.

HBOS issued a short statement on Monday in which it said that it was trading normally.

The bank will publish its prospectus during the week of June 16 and an extraordinary general meeting to approve the issue will be held on June 26 in Edinburgh. Between June 27, when the rights begin trading, and July 18, the bank will offer its 2.5 million retail shareholders a free dealing service for the shares.

HBOS is raising extra money to boost its Tier 1 ratio - a measure of financial strength - as banking regulators toughen their stance on banks' capital cushions.

Under the terms of the rights issue, it will cost the average investor - holding 374 shares - £409.75p to take up the 149 new shares they will be entitled to.

More than a quarter of HBOS's investors are small shareholders who acquired their shares when the former Halifax building society demutualised in 1997.

Their backing for the right issue will be crucial as HBOS looks to strengthen its financial base.

Shares in a £12 billion rights issue by Royal Bank of Scotland will begin trading on Friday.

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