Findi Secures AU$25 Million in Institutional Share Placement; Shares Up 9%

MT Newswires Live03-02

Findi (ASX:FND) secured binding commitments to raise AU$25 million through an institutional placement of around 35.7 million new fully paid ordinary shares at AU$0.70 each, representing a 7.2% discount to the stock's five-day volume weighted average price, according to a Monday Australian bourse filing.

The capital raising will occur in two tranches, with tranche 1 issued under the company's existing placement capacity and tranche 2 subject to shareholder approval, the filing said.

The funds will be used to refinance Transaction Services India debt, accelerate the State Bank of India and Central Bank of India brown label automated teller machine programs, launch the United Bank of India rollout in second half, boost BankIT platform liquidity, and support preparations for the proposed Indian initial public offering, the filing added.

The company's shares rose around 9% in recent Monday trade.

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