Diversified payment company, FlexiGroup (ASX:FXL) has raised $79 million after completing the institutional component of its 1 for 3.2 pro rata accelerated non-renounceable entitlement offer.
It says that the offer had “overwhelming support”, with a 99 per cent take-up rate from existing eligible institutional shareholders.
The capital injection will be used to support FlexiGroup’s transition to a focused buy now, pay later business model rebranded as humm.
It plans to raise a further $140 million through a share purchase plan.
The company will kick off its retail entitlement offer on Wednesday 2 September 2020.
Shares in FlexiGroup (ASX:FXL) are trading 7.45 per cent higher at $1.36.