Steinhoff sharply down after bookbuild

Johannesburg - Shares of South African furniture retailer Steinhoff fall around 7 percent after the company raises R7.8 billion in a bookbuild which will result in a rights issue being priced at a revised 52 rand a share, near the bottom of its target range.

Its shares are down 6.91 percent to 54.95 rand.

The JSE is seen in this file photo: Leon Nicholas. Credit: INDEPENDENT MEDIA

The company said the bookbuild was fully subscribed and 150,100,412 Steinhoff ordinary shares will be issued at 52 rand per ordinary share. - Reuters