AWB Limited (AWB) announced the completion of the institutional placement and the institutional component of its equity raising. The agribusiness said $220 million was raised from institutional investors following completion of the institutional offer.

AWB said $120 million was raise under the institutional entitlement offer and $100 million under the institutional placement.

Managing director, Gordon Davis, said the offer was significantly oversubscribed.

“We are very pleased with the positive response from our shareholders which demonstrates their ongoing support for AWB, and our ability to attract new investors,” Mr Davis said.

The company said settlement for the new shares is scheduled for 7 October 2009, while they are expected to be issued the following day.

Meanwhile, AWB said its retail entitlement offer opens on 2 October 2009 and is expected to close on 21 October 2009, raising approximately $239 million.

The company said shares would be offered at the same price and ratio as the institutional offer.

AWB were halted at $1.445.