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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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
