Grindrod ups offering

South African shipowner Grindrod has raised ZAR 2.4bn ($232m) in an expanded share sale.

The tanker and bulker company said the placement to institutional investors was "significantly over-subscribed" at ZAR 25 each, a  discount of 1.6% to the closing price on Thursday.

It said that "in light of the very strong demand", the issue was upsized by ZAR 400m.

A total of 96m new shares were sold.

The cash will go on the development of port, terminal and rail capacity, as well as further investment within the agriculture sector.

The Grindrod family pledged to buy ZAR 250m of new shares.