Heavy earthmoving equipment company Emeco
(ASX:EHL) has announced the successful completion of its institutional entitlement offer.
The company raised approximately $67 million through 320 million new shares at 21 cents a share.
Emeco said it received strong support from existing eligible institutional shareholders with an uptake of 66 per cent under the offer.
Its retail entitlement offer is expected to raise approximately a further $13 million which will open next Tuesday 7 November and close on Friday 17 November.
Proceeds will be applied to the acquisition of Force Equipment, a national equipment rental and maintenance business for the enterprise value of $69.8 million.
Shares in Emeco
(ASX:EHL) are on a trading halt since 31 October and closed flat at $0.24.