Cash Converters International (ASX:CCV) launched a fully underwritten institutional placement and a partially underwritten one-for-9.57 accelerated non-renounceable entitlement offer to raise around AU$25 million, according to a Monday Australian bourse filing.

The equity raising offer price is AU$0.305 per new share. It will issue 16,393,443 new shares at the offer price to sophisticated and professional investors in Australia, New Zealand, Singapore, Hong Kong, and the UK. Around 65,573,770 new shares will be issued under the entitlement offer.

Its largest shareholder, EZCORP, committed to subscribe for its full entitlement under the institutional entitlement offer, representing around AU$8.7 million.

It will use the funds for the proposed acquisition of franchise store networks and payment of associated costs.