Emeco Holdings (ASX:EHL) has raised $55 million under an institutional entitlement offer at $2.07 per share.
The offer saw strong support from existing eligible institutional shareholders with take up of 90 per cent under the offer.
Emeco is looking to raise a further $10 million via a retail entitlement offer. The retail offer will open from 5th February to the 14th February 2020.
The proceeds will go towards the $72 million acquisition of Pit N Portal Mining Services and Pit N Portal Equipment Hire.
Shares in Emeco Holdings (ASX:EHL) are trading 0.42 per cent lower at $2.27.