Dutch medical devices and healthcare products maker Philips said on Tuesday it plans to sell nearly a quarter of its stake in Philips Lighting.
Philips said it had launched an accelerated bookbuild offering to institutional investors of approximately 22.25 million shares, representing around 14.8 per cent of Philips Lighting's issued share capital.
Philips Lighting has committed to repurchase 3.5 million shares in the offering, Philips said.
After completion of the sale, Philips' stake in the world's biggest lighting maker will be around 41 per cent.
The transaction is expected to settle on April 28.