"The board of directors and management of TFG believe it is prudent and necessary to reduce TFG's financial indebtedness now by way of the rights offer," the company said in a statement.
TFG on Monday announced its plan to acquire certain stores and selected assets of Jet from Edcon's administrators.
($1 = 16.7833 rand)
(Reporting by Shanima A in Bengaluru; Editing by Shinjini Ganguli)