Property developer AVJennings has announced plans to raise AUD$30.4 million through a fully underwritten 1 for 2.67 pro rata accelerated renounceable entitlement offer to fund further growth in demand for built-form housing.

The funds will be used primarily to accelerate such homes' construction and expand AVJennings’ land lots.

The company’s largest shareholder, SC Global Developments, supported the move and will take up its pro rata entitlement in the institutional entitlement offer, bringing in $16.4m of new shares.

Also, AVJennings has begun the rollout of its Stellar Collection of enhanced built-form products, which use Pro9’s technology to manufacture a highly durable and energy-efficient walling system in Australia.

The shares will be offered at $0.20 each, representing a discount of 50% to the last closing price and a 42.1% discount to the theoretical ex-rights price.

The new shares will rank equally with existing shares.