Silver Fern Farms says it wants to raise up to $128 million from its shareholders and restructure its governance - but the move needs shareholder approval.
The meat co-operative says it needs the money to chase investment opportunities and pay down debt.
The move follows the failure of a proposed merger with rural services provider PGG Wrightson last year, after PGG was unable to raise the necessary funds.
Silver Fern Farms chairman Eion Gardner says the business has been debt-funded for many years.
Silver Fern Farm's 20,000 shareholders will vote on the proposed capital raising and restructure at the end of July.