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.
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