Contractor Decmil has entered a trading halt to embark on a capital raising.
The firm is looking to secure up to $40m through an institutional placement and an accelerated non-renounceable entitlement offer.
Its largest shareholder, Thorney, has indicated it intends to take up its full entitlement in the offer.
Among other major shareholders participating is founder Denis Criddle, while board members are also taking part.
Funds raised will be used to recapitalise the balance sheet and position the company to maximise growth opportunities.
Decmil is understood to have been selling the raise on what it believes to be a robust order book and strong pipeline, with several recent contract wins announced.
Shares have rallied since relisting on March 30.
The group has been making recent efforts to sell its Homeground Gladstone Accommodation Village.
It posted a $75m half-year loss and has since shut down its New Zealand operations after losing a Department of Corrections contract.
Decmil also remains in arbitration for work on the Sunraysia Solar Farm project in NSW and has been working with advisory firm Moelis.
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