Struggling conglomerate Toshiba Corp. achieved a major financial goal Tuesday as it completed a ¥600 billion ($5.3 billion) third-party allocation of new shares to 60 overseas investment funds, removing its risk of delisting from the Tokyo Stock Exchange.

Following the deal, Toshiba will avoid falling into negative net worth for a second consecutive year — a scenario that would trigger an automatic delisting — even if it fails to finalize the sale of its chip business by next March.

The 60 funds include Effissimo Capital Management, established by a former employee of activist investor Yoshiaki Murakami's fund, and Third Point LLC. Effissimo, which was already Toshiba's biggest shareholder with a 9.89 percent stake, saw its tranche further increase to 11.34 percent with the new share issuance.