Services firm Downer EDI is raising $400m through an entitlement offer at $3.75 per share.
Downer’s shares last traded at $4.26.
The company will use $135m of the funds to buy the remaining 12 per cent of Spotless it does not already own.
It says the remainder will be used to invest in and reshape its core urban services portfolio as well as reduce some net debt.
More to come
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