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JOHANNESBURG - Embattled retailer Steinhoff International said on Thursday that it had raised R3.75 billion after selling off six percent of its domestic subsidiary, Steinhoff Africa Retail Limited (STAR), in a bid to reduce debt.

Steinhoff on Wednesday launched an accelerated bookbuild offering to place up to 200 million ordinary shares in STAR at R18.75 per share

The troubled retailer said that the book of demand was multiple times oversubscribed. The placing price represented a 2.6 percent discount to the STAR closing price of R19.26 on Wednesday.

Steinhoff's stake in STAR will be reduced from 76.81 percent which is worth R50 billion to 71.01 percent.

- African News Agency