Findi Limited (ASX: FND) discloses that its Indian subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI India), successfully raised AU$37.6 million through a placement to Piramal Alternatives, a prominent Indian investment group. The funds were secured via Compulsory Convertible Debentures (CCD), mandatorily converting to equity at IPO. The entry equity valuation, based on an FY23 EBITDA multiple, implies a pre-IPO market capitalization of AU$153.0 million (post-money AU$190.6 million), in anticipation of TSI India's listing on the Bombay Stock Exchange (BSE).
The capital will enhance TSI India's financial position by over AU$45 million, designated for working capital, capital expenditure, acquisitions, and accelerating Findi's expansion plans in India. The CCDs, held by Piramal Structured Credit Opportunities Fund, represent approximately 16.7% fully diluted equity interest post IPO conversion, with Piramal gaining the right to nominate a director to TSI India's board.
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