, Nuria Ashmore Barrios
and Amber Monaghan
advised Optiva Securities Limited (Optiva) on its role as broker to Tirupati Graphite plc (Tirupati) in a £10 million equity fundraising which completed today (20 April) on the admission of the shares subscribed to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange.
The fundraising comprised a placing with institutional and other investors of 11,111,111 ordinary shares of £0.025 each in Tirupati at a price of £0.90 per share to raise an aggregate gross amount of £10 million.
Tirupati is a fully integrated, revenue generative, specialist graphite producer and graphene developer with operations in Madagascar and India. The net proceeds of the fundraising will primarily be used to expedite Tirupati's modular medium-term development plan to take advantage of the strong market demand for its products.
The placing was oversubscribed and is the latest in a number of recent successful fundraisings for which Optiva has been the broker.