TOKYO (Reuters) -Japan’s Rakuten Group said on Thursday it set a price of 2,470 yen per in a planned offshore sale of 24.5 million shares of Rakuten Bank worth 60.6 billion yen ($411.94 million).
The e-commerce and fintech giant announced on Wednesday it would sell nearly 15% of the online bank unit, its latest effort to contend with heavy debt and losses at its mobile network business.
Rakuten Bank’s shares fell 9% in morning trading on Thursday.
Rakuten said it would use the proceeds to repay bonds early as it was committed to reducing interest-bearing debt.
Hit by spiralling costs to build out its mobile network, it has almost 800 billion yen in bond redemptions due before the end of 2025.
Rakuten Bank was listed in April this year, netting the parent company 72 billion yen.
($1 = 147.1100 yen)
(Reporting by Kantaro Komiya; Editing by Jacqueline Wong and Christopher Cushing)
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