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Downer EDI (ASX:DOW) has completed the institutional component of its 279 million dollar capital raising but doubts remain over its success.
The group raised 200 million dollars from institutions in the 1-for-4 renounceable entitlement offer at $3.25 a share.
Downer says it received strong support for the raising - eligible institutional shareholders taking up 97 per cent of their stake in the pie.
However a Commonwealth Bank (ASX:CBA) analyst described it as a band-aid solution to appease credit rating firm Fitch.
Another analyst from Macquarie (ASX:MQG) questioned whether the extra equity will be enough.
Shares rallied at the close of trade yesterday.
Downer EDI made a loss of over 103 million dollars to December 31.
