Mayfield Childcare (ASX:MFD) received firm commitments to raise AU$4.6 million through an institutional placement of 9.8 million shares with new professional and sophisticated investors at AU$0.465 each, according to a Tuesday filing with the Australian bourse.

The offer price represents a 5% discount to the company's last closing price of AU$0.490 on Dec. 20, the filing said.

In the same filing, the company said it acquired a 10% interest in incubation partner Steps Learning, backed by financial services firm Finexia Financial Group (ASX:FNX).

Under the agreement, Mayfield will provide services for Steps' portfolio for an undisclosed management fee. It may also increase its equity interest in Steps to 20%, subject to agreement on pricing and structure.

The board also approved the divestment of 10 centers that will reduce the company's support office staff and related costs by about 15% to 20%.

Mayfield Childcare's shares fell past 10% in recent Thursday trade, hitting an all-time low, while shares of Finexia rose past 7%.