In a statement, British online fashion retailer ASOS Plc said, it has raised $304 million (247 million pounds) via a placement as it attempts to shore up its finances in case of a prolonged business downturn from the coronavirus pandemic.

On Wednesday, ASOS said, it had placed 15.8 million new shares at a price of 15.60 pounds per share, which is equivalent to 18.8% of its ordinary share capital prior to the placing.

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