21 Apr 2010

Nufarm to raise capital in share offer

8:49 am on 21 April 2010

The Australian farm chemicals group, Nufarm, is planning to raise $A250 million to strengthen its balance sheet and pursue growth opportunities.

The one-for-five share offer represents a 25% discount to the company's closing price on Monday, and it is fully underwritten.

Nufarm's new investor, Sumitomo Chemical, which bought a 20% stake last week, says it will take up its full entitlement.

The listed company says it is also on track to meet its full year profit forecast of $A100 million.