Steinhoff says it has raised R7.3 billion from the placement of 370 million shares in its subsidiary Pepkor Holdings, which owns PEP and Ackermans.
The sale will help fund its R25 billion settlement proposal with claimants who lost out in its 2017 share price plunge.
In a market update on Tuesday morning, the furniture retailer said the shares were placed at a price of R19.75 per share, a 9% discount to the pre-launch closing share price. The shares constitute about 10% total issues Pepkor shares.
Following the placing of the shares and the proposed distribution of other shares as compensation to claimants, Steinhoff said it would still retain 50.1% of Pepkor, down from 68.2%.
Meanwhile, the retailer is set to face the first day of a liquidation hearing on Tuesday. The winding-up application is being brought by the former owners of Tekkie Town who say they were "duped" by Steinhoff's former CEO Markus Jooste into swapping their shares in the footwear chain for stock in Steinhoff.
Steinhoff has brought a new application to postpone the liquidation. It is also seeking leave to appeal two earlier rulings in the case, one of which found the court has jurisdiction to hear the case.
The group fears that it would collapse were it placed into provisional liquidation.
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