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Delivery Hero sees proceeds of $429 million from capital increase

Reuters  |  FRANKFURT 

FRANKFURT (Reuters) - Hero, the world's largest online takeaway food group, said it expected gross proceeds of 362.25 million euros ($428.6 million) from the placement of new 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, shareholders have placed 2 million existing with institutional investors in an accelerated bookbuilding, bringing the total placement to 12.5 million

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.

($1 = 0.8452 euros)

(Reporting by Maria Sheahan; Editing by Ludwig Burger)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 13:25 IST