AWB raised $120 million through an institutional entitlement offer and a further $100 million in an institutional placement, the Melbourne-based company said.
"The institutional offer was significantly oversubscribed, with strong demand from both new and existing institutional shareholders," chief executive Gordon Davis said.
"We are very pleased with the positive response from our shareholders which demonstrates their ongoing support for AWB, and our ability to attract new investors."
The new shares will be issued on October 8.
AWB will raise a further $239 million through an entitlement offer for retail shareholders, which will open on October 2.
Deutsche Bank AG, Goldman Sachs JBWere and UBS AG are joint lead managers.
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