Bendigo and Adelaide Bank has raised $177 million in an institutional placement, part of a $300 million capital raising.
Bendigo's managing director, Mike Hirst, said more than 95 per cent of the bank's institutional shareholders took up their full entitlements under the 1-for-12 entitlement offer, priced at $6.75 per share.
Bendigo shares were trading at $8.03 when they went into a trading halt on Monday to allow the equity raising to take place.
The institutional rights offer raised around $50 million, with another $127 million coming from an institutional placement, the bank said in a statement on Wednesday.
A retail rights issue, opening on Monday, also will offer shareholders 1-for-12 ordinary shares at $6.75.
Mr Hirst said on Monday the fresh equity mostly would fund organic growth until the bank can generate capital internally in around 12 months time.
"We think we'll be able to generate a result this year, given everything we know today, that will put us in a position of generating capital internally," Mr Hirst said.
"We'd be opportunistic on acquisitions, but it is not something we are focusing on at the moment."
Opportunities are expected to emerge in the wealth management, margin lending and third party mortgages spaces if securitisation markets re-open.
Bendigo said the capital raising would lift its tier 1 capital ratio to 8.63 per cent on a pro forma basis, and increase total capital to 12.11 per cent.
The capital raising followed Bendigo posting a 57.7 per cent plunge in 2008/09 net profit after tax to $83.8 million and a 34 per cent full-year dividend cut.
At 11.47am, Bendigo shares had resumed trading and were down six cents to $8.07.
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