The deal comes after India's largest power utility, NTPC Ltd, announced it would not bid for the Australian coal explorer's assets as the price was not "viable", according to NTPC's chairman. 

Last month, Bandanna asked potential bidders to provide binding offers after shortlisting parties as part of a strategic review.

According to Indian media reports earlier this month, NTPC had planned to submit a final bid for Bandanna Energy assets. It is understood Jindal Steel & Power said it would also bid for Bandanna. 

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Bandanna has 1.48 billion tonnes of JORC-compliant coal resources in exploration projects in the Bowen and Galilee basins, but the company has not had the capital to fund them, The Australian newspaper reports. 

The company's stock price fell more than 30 per cent early this month after India media speculated that proposed state laws could prevent the project going ahead. 

The institutional component of the capital raising was fully underwritten by UBS. 

Funds raised will be used to assist with developing key projects including securing Stage 1 capacity at Wiggins Island Coal Export Terminal and associated rail allocation.

Freehills Partner Philippa Stone led the transaction and was supported by lawyers Amy Goble, Lynda Tully, Ivan Yu, Carl Hornigold and Kirsten Shaw. 

Stone said “the teams across Bandanna, UBS and Freehills have worked hard to complete this transaction in difficult market conditions”.

Mallesons advised the underwriters UBS on the capital raising. The Mallesons team is being advised by partner Shannon Finch and solicitor Piny Ly.