• Findi raises A$40m via institutional placement
• Piramal reinvests A$36.3m in new CCDs at A$500m valuation for TSI
• Proceeds to fund ATM deployments and White Label ATM rollout

Findi Limited (ASX: FND) has announced the successful completion of a A$40 million institutional placement, attracting strong demand from existing and new investors. The placement will result in the issue of 10 million new shares, representing 20.3% of Findi's existing shares. Findi's directors have also committed A$1 million to the placement, subject to shareholder approval. The proceeds from the capital raising will be used for capex requirements to deploy additional ATMs under Findi's new State Bank of India agreement, accelerate the White Label ATM rollout following the TCPSL acquisition, and restructure the Piramal Compulsory Convertible Debentures (CCDs). Findi's majority-owned subsidiary, Transaction Solutions International (India) Pvt Ltd (TSI), has exercised its call option to buy back the existing Piramal CCDs. Piramal has agreed to reinvest the proceeds of A$36.3 million in new CCDs at an agreed valuation of A$500 million post-money for TSI. This renewed investment commitment from Piramal is seen as a strong endorsement of Findi's strategy and growth trajectory, as the company prepares for TSI's intended listing on the Bombay Stock Exchange in 2026.

Findi is well-placed financially to continue the deployment of ATMs under the State Bank of India contract and accelerate the rollout of its White Label ATMs, funded by the capital raising and existing facilities. The Piramal reinvestment at a significant premium to Findi's Australian market capitalization is a great endorsement of the proposed Indian IPO of TSI, where Findi aims to be the first Australian-owned company listing in India with unicorn status.