Stokes takes back seat as Seven Group raises $500 million
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Kerry Stokesâ Seven Group Holdings has launched a $500 million capital raising that will reduce the Stokes familyâs grip on the company, help Seven pay down its debt and potentially fuel more acquisitions.
The diversified Seven Group Holdings, which owns a stake in Seven West Media as well as significant mining equipment interests, announced the raising on Monday morning. The offer is fully underwritten and is expected to be completed quickly.
Seven Group Holdings chairman Kerry Stokes. Stokes family interests currently own 42.5 per cent of the group but following the raising will hold 38.8 per cent.
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Stokes takes back seat as Seven Group raises $500 million
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