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Australia's Graincorp says to raise capital

Sun May 17, 2009 6:41pm EDT

Stocks

   

SYDNEY, May 18 (Reuters) - Australian grains handler GrainCorp (GNC.AX) plans to raise around A$60 million ($45 million) in an institutional placement to help position it for growth opportunities, it said on Monday.

It said the offer would be at A$6.25 a share. Its shares closed at A$7.40 on Friday. It will raise an additional amount by allowing existing shareholders to take part in a share purchase plan of up to A$15,000 worth of shares each. (Reporting by Jonathan Standing)



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