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TPI Enterprises provides updates on A$44.2M capital increase

TPI Enterprises Ltd. provided an update to its previously announced A$44.2 million capital increase priced at A$2.20 per share.

The company said it expects A$30.4 million of the underwritten institutional component of the offering to be settled March 30. The remaining A$13.8 million underwritten retail component is set to be settled April 18.

The retail component of the capital raising remains open for participation by the company's retail shareholders until April 10. Any shares not taken up will be allocated to underwriters.

Proceeds from the capital increase will be used to partially repay an existing debt facility, fund working capital requirements, invest in expansion opportunities and pay offer costs.

As of March 24, US$1 was equivalent to A$1.31.