Ramsay Générale de Santé SA began a rights issue as part of refinancing of its acquisition of Sweden's Capio AB.
The French hospital operator is selling 37,978,547 new shares for about €625.1 million.
Shareholders of Ramsay Générale will have the right to buy 1 new share of the company for every 2 ordinary shares held.
The new shares will have a subscription price of €16.46 each. The subscription period will be from March 27 to April 5.
Rights to acquire new shares may be traded on Euronext Paris from March 25 to April 3.
Ramsay Générale parent Ramsay Health Care Ltd. and the unit's other major shareholder Prévoyance Dialogue du Crédit Agricole committed to buy at least €550 million of the new shares.
Sydney-based Ramsay will be issued new shares amounting to €318.1 million, about 50.88% of the rights issue.
In November 2018, Ramsay Générale said it completed the public offer for Capio, which offers medical, surgical and psychiatric healthcare services.