The reception area of the Johannesburg Stock Exchange. File picture: Leon Nicholas

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