Grafton Group said this morning that acceptances for the one-for-five rights issue at €2 per share totalled 95.3 per cent by the closing date of last Friday morning.
Successful completion of the rights issue should pave the way for further gains in the Grafton stock price despite the partial recovery over the past two weeks, analysts said.
In February, Grafton said it planned to raise €70.55 million via a rights issue to partly fund the purchase of Jackson Building Centres Ltd and help fund further acquisitions.