A share offer by New Zealand's largest meat processing company closed on Friday.
Silver Fern Farms announced a capital restructuring plan in early July, to raise up to $128 million from its 20,000 shareholders, after the collapse last year of a partnership with PGG Wrightson.
Silver Fern Farms wants to replace existing shares based on the supply of stock, with a new class of tradable share.
An injection of funds will be used to reduce reliance on bank debt and provide funds for commercial initiatives.
A spokesperson says 37% or a total of 22 million existing shares have been exchanged and 12 million new shares have been subscribed for. He says Silver Fern directors have the discretion to accept any offers to buy shares that did not meet the deadline.