Billabong International has raised an additional 24 million Australian dollars (€162.5m-$173.9m) by giving the possibility to existing shareholders to purchase three additional shares for every eight shares they owned as of Feb. 28 at a unit price of 28 cents of an Australian dollar. Shareholders bought a total of 87 million new shares, or about 77 percent of those offered to them. Meanwhile, it has been reported that Gordon Merchant, founder and former majority shareholder of Billabong, had bought more than 28.4 million shares in the company in the eight months ended last March 31, during its refinancing processes, but the entry of new institutional investors led to a dilution of his stake from 10.57 to 15.7 percent.