Outsourcer Capita has today announced a three-for-two rights issue and a restructuring to return it to growth.
The company also reported a full-year pretax loss of £513m.
Capita has issued a series of profit warnings which have lopped off two thirds of its around £1 billion market value in the last year.
The rights issue, announced four days ahead of expectations, will raise £662m in proceeds partly to pay off about £1 billion in net debt.
It already has the backing of two of its key investors - Woodford with a 10% stake and Invesco, with a 9% stake.
New shares will be offered at 70 pence, a 34% discount to the theoretical ex-rights price of 105.9 pence calculated in reference to the closing price on Friday.
Chief executive Jonathan Lewis, on board since December, aims to simplify and unify an unwieldy structure in which more than 250 different business units have operated separately.
"We are open for business. It's the end of a difficult chapter but there is a well-defined plan and it's about executing on that plan," he said.
Capita handles services for companies and governments such as human resources, recruitment and customer management services to help them save costs and time and will reorganise into five basic business units.
