Cuscal (ASX:CCL) completed its share purchase plan, which closed on May 6, with around AU$51.4 million in applications received, exceeding its AU$3 million target, according to a Wednesday filing with the Australian bourse.

The company received valid applications from 1,757 eligible shareholders, including custodian level applications, with an average application amount of around AU$20,000, the filing said. The issue price of each new plan share is AU$4 apiece, and 750,366 new fully paid ordinary shares will be issued on Wednesday.

The proceeds of the share purchase plan, together with the proceeds of the placement raising AU$30 million, will be used to fund the cash consideration and transaction costs for Cuscal's acquisition of Paymark.

The company's shares were up over 1% in recent trading on Wednesday.