Cuscal (ASX:CCL) has completed a fully underwritten institutional placement to raise AU$30 million through the issuance of around 7.5 million new shares at a fixed price of AU$4 per share, representing a 3.9% discount to the five-day volume-weighted average price (VWAP), according to a Wednesday filing with the Australian bourse.

The settlement of the new shares under the placement is expected on Friday, with trading anticipated to begin on April 20, per the filing.

The company will also launch a non-underwritten share purchase plan for eligible Australian and New Zealand shareholders to raise up to AU$3 million, allowing subscriptions of up to AU$30,000 in shares without brokerage at the lower of the placement price or a 1.5% discount to the five-day VWAP, the filing said.

The proceeds will be used to support the company's acquisition of Paymark, the filing added.

Shares of the company rose 7% in recent Wednesday trade and earlier hit a record high.