China Water Industry (HKG:1129) raised net proceeds of HK$90.1 million from its recently concluded rights issue, according to a Tuesday bourse disclosure.

The water supply company received four applications for 181,236,446 rights shares, representing 63.07% of the total number of rights shares allocated for the deal.

The 106,124,518 unsubscribed rights shares were placed to at least six investors at HK$0.326 apiece.

The firm will use 75% of the proceeds from the rights issue to repay debts; 17% to invest in a biomass gas project; and 8% for general working capital.