Lenzing and its majority shareholder B&C Industrieholding raised about €619 million through a share sale, Bloomberg reports. B&C offered 5.35 million shares in addition to 825,000 new shares offered by the Austrian maker of textile fibers. B&C also granted an overallotment option to the banks managing the sale.

The company will use the sale proceeds to fund €1.5 billion of new plants and for expansion in Austria, China, India and Indonesia over four years. The company appointed Morgan Stanley as sole global coordinator of the transaction, while Deutsche Bank and UniCredit Bank Austria were the joint bookrunners.

Click here for the story from Bloomberg.