JOHANNESBURG, Sept 2 South Africa's Woolworths
has finalised the terms of a rights offer to raise
nearly 10 billion rand ($932 million) through 167.8 million new
ordinary shares, the company said on Tuesday.
In a statement, Woolworths said a subscription price of
59.50 rand per rights offer share would apply at a ratio of 22
rights offer shares for every 100 ordinary shares held on Sept.
The subscription price amounts to a 20 percent discount on
the theoretical ex-rights price of 74.38 rand for a Woolworths
share as of Monday.
Woolworths would announce the results of the rights offer on
Sept. 29, the company added.
The food and clothing retailer said last week the rights
offer would help repay financing for its A$2.2 billion
acquisition of David Jones, Australia's second-largest apparel
Woolworths shares were up 0.8 percent at 1307 GMT on
($1 = 10.7305 South African rand)
(Reporting by Stella Mapenzauswa; Editing by Ed Cropley)