July 6, 2020 / 11:08 PM / a month ago

Afterpay to raise $558 mln to capitalize on surging demand

July 7 (Reuters) - Buy-now-pay-later firm Afterpay Ltd said it plans to raise about A$800 million ($558 million), in a bid to capitalize on a surge in online shopping amid coronavirus-related lockdowns.

The capital raising includes a fully underwritten institutional placement to raise A$650 million, followed by a non-underwritten share purchase plan to raise a further A$150 million, the company said in its statement on Tuesday.

The company added that co-founders Anthony Eisen and Nicholas Molnar have each agreed to sell 2.05 million shares, representing 10% of their respective holdings in the firm. ($1 = 1.4337 Australian dollars) (Reporting by Shruti Sonal in Bengaluru; Editing by Himani Sarkar)

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