Bellamy's raises $60m for canning facility

Infant formula supplier Bellamy's has completed its $60.4 million capital raising that will fund a canning facility acquisition and a payment to Fonterra.

Infant formula supplier Bellamy's has raised $45.5 million in the retail - and final - part of its $60.4 million capital raising.

Bellamy's is using the proceeds from the 5-for-38 share offer to part-fund its Camperdown Powder canning facility acquisition to improve margins and satisfy Chinese regulatory demands, and to pay dairy processor Fonterra a $27.5 million one-off payment in relation to a revised supply agreement.

The company also said it had now acquired a 90 per cent indirect interest in the Camperdown Powder blending and canning facility in Victoria.