Shares in SCi Entertainment plunged by 15 per cent today after the computer games maker behind Lara Croft revealed a deeply discounted plan to raise £60 million including selling a stake to Robert Tchenguiz, the property tycoon.

The troubled company, which this week revealed it had brushed off an approach from an interested party, will raise the money by offering shares at 35p each, a 37.5 per cent discount to the previous day's closing price.

The deeply discounted share offer panicked investors who sent SCi's shares down 15 per cent to 47.35p in early trading.

The struggling group has secured commitments for £30 million of the placing, half of which has been subscribed by Thorson, the investment vehicle owned by Mr Tchenguiz, which will bring its stake in SCi to 15.4 per cent.

Warner Brothers Home Entertainment Group will also buy £15 million worth of shares, which is expected to take its share in SCi from 10.2 per cent to around 20 per cent.

SCi has also signed a distribution agreement with Warner Brothers to increase growth in the US. The company will use some of the proceeds from the share placing to pay down a credit facility supplied by Lloyds TSB.

The company will also use the proceeds to develop and launch new editions of key titles, including the latest instalment of the Tomb Raider franchise, which it said was on track to be released by Christmas this year.

The UK’s largest games publisher parted company with Jane Cavanagh, the former chief executive, and two other top executives in January after the business unveiled an interim loss of £83.4 million.

The loss widened after SCi's new management announced plans to abandon 14 games in development, prompting a £79.6 million write-off.

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax