Japan's Rakuten set to raise $2.18 billion through share issue

FILE PHOTO: The logo of Rakuten is pictured at the headquarters of Rakuten in Tokyo, Japan, May 15, 2019. REUTERS/Sam Nussey

TOKYO (Reuters) -Japanese e-commerce and fintech conglomerate Rakuten Group Inc will raise up to 294.2 billion yen ($2.18 billion) by issuing new shares, it said on Wednesday as it works to offset the financial impact of losses at its mobile business.

Rakuten will issue 407,045,400 new shares with a green shoe option of up to 61,056,700 shares, along with 74,204,700 shares through allocations to founder and CEO Hiroshi Mikitani, his asset management firm, CyberAgent Inc and Tokyu Corp.