Findi (ASX:FND) received firm commitments to raise AU$40 million of its planned AU$45 million capital raising through an institutional placement, with an additional AU$5 million to be raised via a share purchase plan (SPP), according to a Thursday filing with the Australian bourse.

Under the placement, the company will issue 10 million new shares at AU$4 each, an over 12% discount to the last traded price of AU$4.56 on March 13, with settlement expected on March 26, the filing said.

The SPP allows eligible shareholders to invest under the same terms, while shareholders selling shares during the offer period will be ineligible, the filing added.

Funds will support the rollout of 2,293 ATMs under Findi's State Bank of India agreement, expand its White Label ATM network, and restructure Piramal Compulsory Convertible Debenture, the company said.

Additionally, Findi's unit, Transaction Solutions International (India), will repurchase existing compulsory convertible debentures from Piramal Alternatives, which will reinvest at a AU$500 million post-money valuation, backing Findi's planned Indian initial public offer.

Shares of the company rose almost 10% in recent Thursday trade.