Findel raising £81m to reduce debt

Findel, home shopping and education supplies businesses, said it is raising £81m via a placing and open offer to reduce debt.The group said it will issue 200m new shares through the firm placing and 204m through a placing and open offer at 20p each. The issue price represents a discount of 51.5% to yesterday's closing price."This £81m capital raising allows us both to accelerate the Group's debt reduction plan and enter into cheaper and less restrictive bank facilities," said chairman Keith Chapman."This, together with the Company's focused strategy of stability, efficiency and cash generation, means we are better capitalised to operate in the current economic environment and to emerge well placed for future growth."