Mulberry Group (AIM:MUL) confirmed that it has raised £10.4 million from a retail investor offer and subscriptions from major shareholders Challice and Frasers Group PLC (LSE:FRAS).
The handbag maker sold 392,013 out of a possible 750,000 new shares via the RetailBook platform last Friday for 100p apiece.
Sports Direct and Debenhams owner Frasers Group last week subscribed for 3.96 million subscription shares at the same price, meaning it retained a stake of between 36.9% and 37.3%, depending on the size of the retail offer.
Singapore-based Challice holds a 56% stake.
This funding round irked Frasers and founder Mike Ashley, with the FTSE 100-listed retail group tabling a full takeover of Mulberry at a price of 130p per share.
Mulberry remains in an offer period, with Frasers having a put-up-or-shut-up deadline of 5 pm on 28 October to make a firm offer or walk away.