Bradken Ltd (ASX:BKN) has announced that it has raised $153 million to fund capital expenditure and pursue growth.
The mining, engineering and rail products provider has undertake a fully underwritten institutional placement priced at $8.20 per share.
A share purchase plan has also been launched for existing shareholders, priced in line with the placement and not underwritten.
In the full 2011 financial year Bradken expects earnings before interest tax depreciation and amortisation to rise between 15 to 20 per cent.
In the six months to 31 December 2010, Bradken increased its net profit just over 1 per cent to $26 million.
