By Kosaku Narioka
Rakuten Group said it planned to raise 332.18 billion yen ($2.44 billion) by selling new shares to fund its mobile business and repay debt.
The Japanese company said it would issue up to 546.9 million shares, or 34% of its total 1.59 billion outstanding shares.
Rakuten said it would spend Y188.30 billion of the proceeds on capital expenditure and operations for its mobile business, including Y40.00 billion to build 4G and 5G base stations.
The company said that of the 546.9 million shares, it planned to sell 78.8 million shares to the asset management companies controlled by Chief Executive Hiroshi Mikitani's family, as well as CyberAgent and Tokyu Corp.
The offering price will be determined between May 24 and May 29, Rakuten said.
Write to Kosaku Narioka at email@example.com
(END) Dow Jones Newswires
May 16, 2023 03:47 ET (07:47 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.