(Telecompaper) Telekom Austria has launched a share issue to raise up to EUR 1 billion to strengthen its balance sheet. Existing shareholders will receive the right to one new share for every two existing shares they hold in Telekom Austria, at a discounted price of EUR 4.57 per share. The subscription period will run from 10-24 November. America Movil and the Austrian state holding company OIAG, the operator's two biggest shareholders, have agreed to subscribe for their pro rata shares of the offering. This was part of their agreement earlier this year that handed management control of the company to America Movil. They will have a lock-up of six months on the new shares. Telekom Austria said the additional capital will help it maintain its credit rating of at least BBB and give it more room to pursue strategic investments. In particular, the capital increase will allow an accelerated roll-out of its fibre infrastructure in the period 2015-2018 and more acquisitions to support its convergence strategy.