Select Harvests (ASX:SHV) has completed the institutional component of its equity raising initiative announced on Sept.20.
The fully underwritten institutional placement and entitlement offer have together raised approximately $61.7 million.
The total expected size of the equity raising amounts to $80 million, with the retail component anticipated to contribute around $18.3 million.
The proceeds from the equity raising will be utilised for debt repayment and provision of facility headroom ($71.6 million), capital investment to increase processing capacity ($5 million), and associated transaction costs ($3.4 million).
David Surveyor, Managing Director and CEO, said, "We are pleased with the strong support from both existing and new institutional shareholders, which highlights the confidence in our strategy and future growth prospects."
The institutional placement raised approximately $30 million at an offer price of $3.80 per new share, with around 7.9 million new shares issued.
Additionally, the institutional entitlement offer attracted a 72% uptake from eligible institutional shareholders, raising approximately $31.7 million with around 8.4 million new shares issued.
The retail entitlement offer will open on Sept. 26 and is set to close on Oct. 10.
Eligible retail shareholders will have the opportunity to participate under similar terms to the institutional offer, with the new shares expected to rank equally with existing shares from the date of issue.
At the time of reporting, Select Harvests' share price was $3.69.