Telecoms group ITG will invest more than £50 million (€63.5 million), raised in a placing and open offer, in developing its cashless card terminals used by retail outlets in the Republic and Britain.

Mr John Nagle, chief executive, said there had been a 92.75 per cent take up of the share issue with the remainder being sold on the open market. Of the £55.4 million raised, £51.8 million will be used for investment purposes.

"We intend to have 30 to 40 per cent of the market in Ireland by the end of next year," he said.

Cashless card terminals are increasingly being used by retailers to provide a cashless payment system for their customers.