Austal (ASX:ASB) completed its previously announced share purchase plan after it closed on April 1, and it expects the issuance of 5.3 million new shares on Tuesday, according to a Monday Australian bourse filing.

The plan allowed eligible shareholders to apply for up to AU$30,000 of new, fully paid ordinary shares at the issue price of AU$3.80.

The company received valid applications totaling over AU$31 million, although the plan will remain capped at AU$20 million.

Austal will conduct a pro-rata scale back of applications above AU$10,000 to the AUA$20 million cap. Shareholders who submit valid applications for an allotment of shares valued at AU$10,000 or less will receive the full amount sought.

The company's shares rose past 1% in recent trading on Monday.