04:55 PM EDT, 05/08/2024 (MT Newswires) -- Pet Valu Holdings Ltd. ( PTVLF ) after-trade Wednesday said a group of funds are raising C$175-million in a bought-deal secondary offering of the company's shares.

The pet-good retailer said selling shareholders entered into an agreement with a syndicate of underwriters to sell 5.9-million share of the company for C$29.65 each.

A statement noted the selling shareholders have granted the underwriters an over-allotment option for up to an additional 15% of the offering, if demand warrants.

It said the net proceeds of the offering will be paid directly to the selling shareholders. The company added it will not receive any proceeds from the offering.

Pet Valu ( PTVLF ) shares closed down C$0.16 to C$30.78 on the Toronto Stock Exchange.