Bellamy's Australia Limited (ASX:BAL) has announced the successful completion of the institutional component of its 5 for 38 fully underwritten pro rata accelerated non-renounceable entitlement offer. Total funds raised are expected to be $60.4m at $4.75, and an $18m share placement to Camperdown Powder at $5.64 per share.

The Institutional Entitlement Offer had strong support, with a take-up rate of approximately 96%. New Shares in respect of institutional entitlements not taken up and New Shares that would have represented the entitlements of ineligible institutional shareholders were offered and placed to institutional investors. The Institutional Entitlement Offer raised gross proceeds of approximately A$14.3 million.

The Retail Entitlement Offer The retail component of the Entitlement Offer is expected to open on Tuesday, 20 June 2017 and close at 5.00pm (AEST) on Thursday, 29 June 2017.

Funds raised will be used for;

• the acquisition of Camperdown Powder, a CNCA licensed canning facility which provides a path to CFDA registration of ‘Chinese label’ product
• Further amendment of Fonterra supply agreement.

Further information can be found at http://investors.bellamysorganic.com.au/