Fenerbahçe announces rights issue
Fenerbahçe Sports Club has decided to increase its capital from 1 billion 250 million Turkish Lira to 6 billion 250 million Turkish Lira. A significant portion of the funds raised will be used to pay off financial debts.
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In a notification made by Fenerbahçe to the Public Disclosure Platform (KAP), details regarding the rights issue approved by the Capital Markets Board were shared.
According to the statement, a 400 percent increase in capital will be implemented, and shareholders will have the right to purchase new shares in proportion to their existing holdings. These rights can be exercised at 2 TL for shares with a nominal value of 1 TL.
While a revenue of approximately 10 billion TL is targeted at the offering stage, it is expected that 9 billion 975 million 222 thousand 500 TL in net funds will enter the club's treasury after deducting 24 million 777 thousand 500 TL in offering expenses from this amount.
The club plans to spend 70 percent of the proceeds on closing financial debts, 20 percent on player payments, and the remaining 10 percent on paying tax debts.