** Shares of Mayfield Childcare MFD.AX surge as much as 5.1% to A$0.505, their biggest intraday pct gain since Oct. 11

** Childcare services provider announces restructuring overhaul with plans to divest underperforming portfolio in Queensland and Victoria to curb excessive management expenses

** Firm also unveils a fresh incubator partnership with a newly formed partner and is to be bankrolled by Finexia Limited

** Says, in a bid to back moves, it will raise A$4.6 mln ($2.86 mln) at A$0.4653 per share via placement

** Stock posts its highest level since Dec. 9

** Over 45,000 shares traded, 1.3 times the 30 day avg

** Stock down 30.8% YTD, including current session, at 2346 GMT

($1 = 1.6088 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com))