May 25, 2018 / 6:43 AM / a year ago

Britain's Capita raises 681 mln pounds to pay down debt

May 25 (Reuters) - Britain’s Capita Plc said on Friday it raised 681.4 million pounds ($911 million) through a rights issue aimed at paying down debt, plugging a pension deficit and boosting investment.

Capita, which handles services for companies and governments, said its 3-for-2 rights issue of 1 billion new shares at a 70 pence per share closed on May 24 with valid acceptances of 973.5 million shares, or 97.25 per cent.

The new shares are expected to begin trading on the London Stock Exchange’s main market on May 25.

The company initially planned to raise 700 million pounds from investors to stop the rot at an outsourcing company that Chief Executive Jon Lewis said had failed to adequately control costs, had grown unwieldy through acquisitions and had too much debt. ($1 = 0.7483 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Adrian Croft)

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