Select Harvests (ASX:SHV) has completed the institutional component of its equity raise of around AU$61.7 million, via a placement and a one for 9.2 accelerated non-renounceable entitlement offer, according to a Monday filing to the Australian bourse.
The equity raise's retail component is expected to secure around AU$18.3 million, bringing the total to around AU$80 million, the filing said.
Proceeds will pay down AU$71.6 million of debt, fund capital investment and increase processing capacity and transaction costs, the filing stated.
The almond business told the Australian bourse on Friday its plans for the equity raise as it looks to execute its growth strategy and reduce costs, according to the filing.
Select Harvests' 2024 crop is expected to be around 29,500 metric tons (MT) on record volumes, a strong crop, and an increasing pool of external growers with around 79% of the 2024 crop contracted for sale, the filing stated.
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