Fast food operator, Collins Food, has completed the second stage of its retail entitlement offer, which raises the funds for its acquisition of 28 more KFC outlets through a $44.1 million offer of new shares and $69.3 million in debt facilities.

On Friday, Collins Foods announced the institutional component of the entitlement offer raised approximately $25.9 million, with the retail entitlement offer raising approximately $18.3 million.

Australia’s largest KFC franchisee, Collins Foods said it received valid applications from eligible retail shareholders for approximately three million shares (approximately $13.5 million) representing 74 per cent of the offer.

The approximately one million new shares not taken up under the offer will be allocated to institutional investors who were sub-underwriters for the offer.

“The successful completion of Collins Foods’ $44.1 million entitlement offer is an important milestone for the company and we would like to thank all shareholders and new investors who participated in the offer and supported the company in its acquisition of 28 KFC restaurants in Australia,” said Graham Maxwell, CEO.

In Australia, the company plans to build eight new KFC restaurants and will integrate the 28 KFC restaurants acquired in Tasmania, South Australia and Western Australia into the Collins Foods’ network.

Maxwell said that with further growth on fiscal 2018, the company expects to continue to increase shareholder returns.

This article first appeared on sister site Inside Retail.