Australian casino operator Star Entertainment Group (SGR.AX) is tapping the capital markets for a second time in 2023 as it aims to raise A$750 million ($481.43 million) as part of a major capital restructure to strengthen its balance sheet.

The company said on Monday it would raise capital at A60c per share, a 20% discount to the final closing price last Friday of A75c.

The capital raise consists of a A$589 million 1 for 1.65 pro-rata accelerated non-renounceable entitlement offer and a A$161 million institutional placement, according to a statement.