Resins maker Nuplex Industries has raised an extra $27 million in a top-up offer to the sub-underwriters of its share issue.
The company offered the top-up at 27 cents per share, four cents per share more than the original offer, bringing the total funds raised to $160 million. It had been trying to raise $133 million.
Nuplex was forced to look for ways to raise funds to reduce its debt levels, after a fall in demand and in the New Zealand dollar put it in breach of its banking covenants last year.
Chief executive John Hirst says the company needed $110 million to strengthen its balance sheet.
Mr Hirst says the firm has a good cash flow and is now in a "wonderful position to take advantage of whatever the current world economic situation is likely to present for us."
Trading in Nuplex shares was been temporarily halted at the company's request. The stock last traded on Thursday at 33 cents.
