Bega Cheese expects to know by next week whether its efforts to raise a further $50 million through a share purchase plan to retail investors has been successful.
The company last month raised $200 million through the sale of shares to institutional investors.
Bega Cheese has said it plans to use the money to reduce its debt following its $250 million purchase of the former Murray Goulburn (MG) Koroit plant and take advantage of future opportunities in dairy and food.
The company said it expected to process 420-450 million litres of milk at the Koroit plant this season.
The plant has a one billion litre capacity but was only processing about 300 million litres under MG, a supply that had to be guaranteed to Bega until June 30, 2020.
Bega said it intended to consider other value-adding strategies for the Koroit factory in the future.