Japan's Rakuten Group Inc is finalising plans to raise about $2.2 billion by issuing new shares, according to two people, in the e-commerce company's latest move to shore up its finances after years of losses from its mobile business.
The logo of Rakuten is pictured at the headquarters of Rakuten in Tokyo, Japan, May 15, 2019. REUTERS/Sam NusseyRakuten plans to issue shares to CEO Mikitani -sourceRakuten shares closed down 9%, biggest one-day fall in 3 yearsis finalising plans to raise about $2.2 billion by issuing new shares, according to two people, in the e-commerce company's latest move to shore up its finances after years of losses from its mobile business.
Its shares tumbled to close down 9% on Monday after the Reuters report, in its biggest one-day drop in three years. The public offering is expected to raise roughly 300 billion yen but the amount could change depending on Rakuten's share price, which will influence the pricing of its new equity issuance.
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