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UK's Tullow Oil to raise 607 mln pounds via rights issue

Reuters - UK Focus

March 17 (Reuters) - Britain's Tullow Oil Plc (LSE: TLW.L - news) said on Friday it would raise about 607 million pounds ($748 million) through a rights issue of 466.9 million shares as it look to reduce debt.

The 25 for 49 rights issue is priced at 130 pence per share, a 45.2 percent discount to its Thursday close of 237.3 pence.

The rights issue is fully underwritten by Barclays Bank Plc (NYSE: BCS-PA - news) , J.P. Morgan Securities Plc and others.

($1 = 0.8112 pounds) (Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)