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Downer EDI Ltd (ASX:DOW) says it has successfully completed the institutional component of its entitlement offer, raising $279 million.
The money will be used to prop up its balance sheets, given the mounting costs of the $1.9 billion Waratah train contract with the NSW government.
Institutional shareholders took up 97 per cent of their entitlements to raise $200 million at $3.25 per new share.
The retail component of the offer opens next Tuesday.
Downer EDI reported a half year loss of $103.8 million to December 31, 2010.
