Cardno Limited (ASX:CDD) has announced it has successfully completed the institutional component of its fully underwritten 1 for 1.07 pro-rata accelerated non-renounceable entitlement offer.

 

The offer raised approximately $26 million with a 91% take up.

 

The institutional offer is the first stage in a planned $92.5 million equity raising by Cardno, the proceeds of which will be used to reduce debt and lower the company’s leverage ratio.

 

The retail entitlement offer will open on Wednesday the 8th of June and is expected to raise an additional $67 million. 

 

Cardno Limited reported a net loss of $53.57 million at 31 December 2015.