Austrian loader crane manufacturer Palfinger has raised more than Euros 28m through a one-for-10 rights issue on 12 June.

Palfinger issued 837,000 new shares at 34 euros per share, a discount of 2.2% to the closing price on 11 June, and the issue was substantially oversubscribed.

Following the capital increase, the company will have a free float of 36% compared with 30% beforehand.

Palfinger said last month it would use the proceeds to finance further international expansion and introduce new products and services.