Lenzing is seeking to raise €741 million through a sale of new and existing shares, Bloomberg reports. The Austrian maker of textile fibers is selling 825,000 new shares and its shareholders will be offered one new share for every 31 held. The proceeds will be used to help fund €1.5 billion of new plants and expansion in Austria, China, India and Indonesia over four years. Lenzing’s majority shareholder with a 90.5% stake, B&C Industrieholding, will offer about 6 million shares. Morgan Stanley will be the sole global coordinator for the transaction, while Morgan Stanley, Deutsche Bank and UniCredit will be the joint bookrunners.

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