Ann: Findi raises $37.6 million ahead of TSI India IPO, page-19

Hi Baroona,
Regarding the number of shares issued, it looks even more complicated than that, as we own shares in Findi and this transaction is done via TSI India (owned now at 90 % by Findi).
But, if we consider that almost of the value of Findi is in TSI India, your calculation is probably a good proxy.

Regarding the financial situation, I come to the same conclusion, looking at their gross cash : 35.4 m AUD at 30/6/23, which will probably increase by more than 50 m AUD via the options (expiring in Jan 24, expected to be exercised*) and this financing via Piramal.

* 18.2 million options expire on 17/1/24 with an exercise price of 0.90 AUD.