Funding formula

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 will use the proceeds from the five-for-38 share offer to part-fund its Camperdown Powder canning facility acquisition in western Victoria to improve margins and satisfy Chinese regulatory demands.

It will also use some of the cash to pay dairy processor Fonterra a $27.5 million oneoff payment in relation to a revised supply agreement.

The company also said it had acquired a 90 per cent indirect interest in Camperdown Powder.