PGG Wrightson has raised $78.1 million from institutional investors.
The rural services company needs the money to part-fund a $220 million purchase of a 50% stake in Silver Fern Farms, formerly known as PPCS.
Investors paid $1.80 a share for a total of 43 million shares - about 14% below the company's stock price before it was placed on a trading halt on Tuesday.
PGG Wrightson says it also plans to offer retail shareholders a share parcel worth $5000 at the same price paid by institutional investors.
