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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.
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Last
$5.71 |
Change
-0.050(0.87%) |
Mkt cap ! $3.626B | |||
| Open | High | Low | Value | Volume |
| $5.82 | $5.85 | $5.71 | $3.075M | 533.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 23129 | $5.71 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.76 | 1925 | 2 |
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| DOW (ASX) Chart |
