Plans to raise more than £1.4 million by issuing new shares to make acquisitions have been revealed by Birmingham bus operator Rotala. The listed business is to issue up to 2.04 million new shares at 56 pence each.

In a statement to AIM, Rotala said: “In line with its stated strategy, the company continues to seek acquisition opportunities, including asset disposals by market competitors.

“These assets may be acquired and integrated into the group’s infrastructure with a view to realising synergies or other operational efficiencies.”

It comes after the Birmingham based bus operator announced on 27 June that it had agreed to acquire the Bolton depot of First Manchester Ltd, a subsidiary of FirstGroup, as well as the majority of the business located at the site.

The deal is expected to complete this month.