Japan's Rakuten plans to raise $2.2bn by issuing new shares

TOKYO -- Japan's loss-making Rakuten Group is set to finalize plans to raise around 300 billion yen ($2.2 billion) from the issuance of new shares, Nikkei has learned.

The e-commerce company hopes to use the funds to redeem bonds and to improve its network of base stations. According to a source, the board of directors will meet within this week to make a final decision. The issuance size represents about 30% of its current market capitalization.