Johannesburg - Woolworths has finalised the terms of a rights offer to raise nearly 10 billion rand through 167.8 million new ordinary shares, the company said on Tuesday.

In a statement, Woolworths said a subscription price of 59.50 rand per rights offer share would apply at a ratio of 22 rights offer shares for every 100 ordinary shares held on September 12, 2014.

The subscription price amounts to a 20 percent discount on the theoretical ex-rights price of 74.38 rand for a Woolworths share as of Monday.

Woolworths would announce the results of the rights offer on September 29, the company added.

The food and clothing retailer said last week the rights offer would help repay financing for its A$2.2 billion acquisition of David Jones, Australia's second-largest apparel retailer.

Woolworths shares were up 0.8 percent at 15:07 SA time on Tuesday. - Reuters