(Updates to add stock movement in the headline and last paragraph)

Southern Cross Electrical Engineering (ASX:SXE) completed a fully underwritten institutional placement, raising AU$150 million through the issue of about 37.5 million new shares at AU$4 each, representing a 1.2% discount to the stock's five-day volume-weighted average price, according to a Tuesday filing with the Australian bourse.

The placement was strongly supported by both existing and new investors and is expected to settle on Friday, per the filing.

The company will also offer eligible shareholders in Australia and New Zealand a non-underwritten share purchase plan (SPP) to raise up to AU$15 million, allowing subscriptions of up to AU$30,000 per shareholder at AU$4 per share, the filing said.

The SPP is scheduled to open on June 23 and close on July 7, with the company reserving the right to accept applications and adjust allocations at its discretion.

The proceeds will be used to fund working capital for new works awards and to provide financial flexibility for future acquisition opportunities that offer further geographic diversification or new capabilities, the filing added.

The company's shares jumped over 15% in recent Tuesday trade and earlier hit a record high.