In its continuous efforts to support its expansion plans, British sportswear retailer JD Sports is seeking to raise £464.2 million through the placing of ordinary shares.
The placing shares, reportedly, constitute about 6 per cent of its share capital.
Notably, the placing price represented around 2.5 per cent discount to the mid-market closing price of 815p on Wednesday (3 February).
The fashion retailer seems to be on an acquisition spree, with the latest being its decision to acquire American sportswear brand DTRL for £495 million earlier this week.
JD Sports, speaking to media, said that besides the placing proceeds, it had £700 million of debt facilities. Here it is important to note that the retailer also had cash of £1 billion prior to DTRL deal.
The retailer, which had also bought Shoe Palace in December 2020, believes that lots of attractive opportunities will be available in due course and raising cash is an effort to support its strategy of expanding globally.
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