Bellamy’s takes off

BELLAMY’S was the best performer on the ASX 200 yesterday as the infant formula supplier resumed trading after completing the first phase of a $60.4 million capital raising.

The stock was up 15.2 per cent to $6.50 from its price of $5.76 when the company entered a two-day trading halt to conduct the institutional component of the raising.

Bellamy’s said yesterday it had raised $14.3 million from institutional investors, with a take-up rate of about 96 per cent for the offer of five new shares for every 38 held.

The retail component of the capital raising is set to open next Tuesday. Bellamy’s aims to raise a total of $60.4 million, partly to help fund the acquisition of a canning facility.