JAPAN'S RAKUTEN WILL RAISE UP TO $433 MLN WITH FURTHER SALE OF BANK UNIT

Rakuten Group (4755.T) said on Wednesday it plans to sell a large stake in Rakuten Bank (5838.T) to overseas investors, its latest fundraising effort as the Japanese company grapples with heavy debt and losses at its mobile network unit.

The planned sale of 25.5 million shares is equivalent to just under 15% of the online bank, according to LSEG data. The shares will be priced at between 2,400 and 2,500 yen each, according to a source, comprising a discount of 8.7%-12.3% on Wednesday's closing price of 2,738 yen and raising a maximum of 63.8 billion yen ($433 million).

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