Super Retail Group (ASX:SUL) has announced a $203 million underwritten, 1 for 7 renounceable entitlement offer.
The offer, which has both an institutional and retail component will see the company issue shares at a price of $7.19 per share.
The company says the proceeds will be used to pursue strategic growth initiatives in light of covid.
The raising follows a 26.2 per cent decline in sales in April compared to the April 2019.
However the company was quick to point out that sales have rebounded in May and are currently tracking 26.5 per cent higher that the prior corresponding period.
Shares in Super Retail Group (ASX:SUL) last traded at $7.81