Vulcan Steel (ASX:VSL, NZE:VSL) confirmed the completion of the institutional component of its fully underwritten renounceable entitlement offer, to raise around AU$59.4 million, through the issue of 10 million shares at AU$5.95 per share, according to a Thursday Australian bourse filing.

The issue was conducted based on one fully-paid ordinary share for every nine existing shares held by eligible shareholders, the filing said.

About 5.5 million shares not taken up by shareholders were also sold at AU$6.45 per share, the filing added.

The new shares are expected to start trading on the Australian and New Zealand bourses on Sept.4, the company said.

The retail component of the offer will open on Sept.2, the company added.

The funds raised will be used to acquire all the shares in Roofing Industries.