Macarthur Coal Ltd., the world’s biggest exporter of pulverized coal, sold 31.8 million new shares at A$6 apiece, at 9.4 percent discount to the last traded price.

According to the company the sale was “significantly oversubscribed”. Earlier, the company had sold about A$190 million ($152 million) worth of new shares to institutions to raise funds.

Credit Suisse Group AG analysts, in its report today, lowered the rating of the company from “outperform” to “neutral” due to the adjusted earnings forecasts after the sale of the shares and the revised production forecasts of the company.

The report further said that Credit Suisse raised its price target to A$7.30 from A$6.75.