Construction group Global Construction Services has announced a $32.1 million capital raising plan to reduce its debts and provide additional capital to achieve a 20 per cent growth target over the next 12 months.

GCS today announced a placement priced at 85 cents per share to raise $14.7 million, a 3 for 17 non-renounceable entitlement issue for institutions to raise up to $13.8 million, and a 3-for 17 non-renounceable rights issue to retail shareholders to raise up to $3.7 million.