OZ Minerals Ltd has lifted its stake in Toro Energy Ltd to 51.71 per cent from 46 per cent, after taking up its full entitlement under the uranium explorer's $26 million renounceable rights issue.

While Toro is now technically deemed a controlled entity of OZ Minerals, Australia's third largest diversified miner is not expected to take control of the junior company.

Toro said the rights issue fell short by 69.08 million shares out of a total 130.17 million shares and now has the right to place these shares at its discretion, including on-market.

OZ Minerals is entitled to take up the remaining shares if they are placed on-market, which would lift its stake to a maximum of 57 per cent.

OZ Minerals chief executive Andrew Michelmore said in August that he liked the outlook for uranium.

Shares in OZ Minerals advanced 3.5 cents, or 3.68 per cent, to 98.5 cents in contrast to the negative broaders market.

Toro's shares fell one cent to 13 cents. – Associated Press