December 6, 2017 / 7:54 AM / a year ago

Delivery Hero sees proceeds of $429 million from capital increase

FILE PHOTO: The Delivery Hero headquarters is pictured in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch/File Photo

FRANKFURT (Reuters) - Delivery Hero, the world’s largest online takeaway food delivery group, said it expected gross proceeds of 362.25 million euros ($428.6 million) from the placement of new shares with investors, as it seeks to raise funds to expand through acquisitions.

The group said in a statement on Wednesday it would issue 10.5 million new shares, to be placed at 34.50 euros apiece, an 8 percent discount to Tuesday’s closing price.

In addition, Delivery Hero shareholders have placed 2 million existing shares with institutional investors in an accelerated bookbuilding, bringing the total placement to 12.5 million shares.

The group had said on Tuesday its shareholders planned to place up to 7.8 million existing shares, or around 4.5 percent of the share capital.

Reporting by Maria Sheahan; Editing by Ludwig Burger

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