Wastewater treatment company QED Occtech (ASX:QED) has arranged to raise $3.1 million in a share purchase plan to support the recently-acquired TSI's operations.
The company will issue 78.3 million shares at 4 cents a share to sophisticated and professional investors to help exploit future opportunities for TSI, it said.
TSI mainly deploys ATMs on behalf of major Indian banks, and also provides automated bill payment solutions for utility companies.
“We are delighted with the support received from investors for the TSI business model,” QED Occtech chairman Paul Boyatzis said.
QED Occtech shares are today trading unchanged at $0.020.