Elders Limited
(ASX:ELD) has announced it will seek to raise $102.4 million through both a share placement and fully underwritten non-renounceable entitlement offer.
Elders have completed the institutional placement, with 7.35 million new shares priced at $3.40 per share, so far raising $25 million.
The remaining $77.4 million, 1 for 4 entitlement offer is priced at $3.40 per share and represents a 7.8 percent discount on the one month volume weighted average price of Elders shares of $3.687.
Proceeds from the placement and entitlement offer will be used to fund the acquisition of outstanding ASX listed Elders Hybrids.
Elders Limited reported a net profit of $25.4 million at 31 March 2015.
