Capita launches £701m rights issue


Troubled outsourcing group Capita has launched a heavily discounted £701m rights issue in an effort to repair its balance sheet.

The company is issuing 1m new shares at 70p, a 34% discount. The three-for-two rights issue, which will raise £662m after fees, will be used to reduce its £1.2bn net debt, fund the company’s overhaul and invest in new technology.

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