The group said that the restructuring and refinancing process would put it on a firm financial footing and enable it to continue operating in challenging local and international conditions.
Super Group said that the money would be used to repay the Corporate Bonds and the general banking short-term facilities.
"The money will also be used for the retention of cash resources to fund additional and peak working capital requirements."
Following this rights offer it is expected that trade gearing of less than 10% will be achieved before the proceeds from the disposal of any non-core assets, said Super Group.
Super Group said the process was expected to be completed by the end of September 2009.
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