Rakuten Group, Inc. (TSE:4755) is finalising plans to raise about $2.2 billion by issuing new shares, according to two people, in the e-commerce company's latest move to shore up its finances after years of losses from its mobile business. Rakuten's board could meet as early as this week to decide on the capital raising, according to one of the people. The public offering is expected to raise roughly JPY 300 billion ($2.2 billion) but the amount could change depending on Rakuten's share price, which will influence the pricing of its new equity issuance.

Additionally, Rakuten plans to issue shares to founder and CEO Hiroshi Mikitani and a fund controlled by the entrepreneur, the person said. It plans to use the funds to pay down debt and build base stations for its mobile business, the sources said. The deal would mark the latest move by the company, which has already been selling assets and moving to list group units, to raise cash.

A Rakuten spokesperson said it was not something it could comment on. The company is considering various options in regards to its financial position and it was not true that it had decided on anything, the spokesperson said. It would make an announcement if such an issue were decided, the spokesperson added.

The sources declined to be identified because the matter has not been made public.