British information technology company Aveva Group announced on Friday its plans to raise £2.84 billion ($3.73 billion) through a rights issue in order to fund the acquisition of SoftBank-backed peer OSIsoft to a certain extent.

According to the announcement, 125.7 million shares will be offered and investors will be able to buy seven new shares for every nine shares they own at £22.55 each that represents a discount of 32.2% to the theoretical ex-rights price.

The company stated its revenue in the first half of 2021 declined by 11.7% to £332.6 million while dividend per share stood at 15.5p.