Dhaka, May 22 -- Two Interactive, the publisher of the "Grand Theft Auto" franchise, has announced plans to raise $1 billion by selling common stock, with an option for underwriters to purchase an additional $150 million in shares over the next 30 days, subject to market conditions.

The move, revealed on Tuesday, comes less than a week after the company reported its latest earnings, which included a writedown exceeding $3 billion. Following the announcement, Take-Two's shares fell nearly three per cent in after-hours trading, reports Variety.

According to the company, "Take-Two intends to use the net proceeds for general corporate purposes, which may include the repayment of outstanding debt and future acquisitions."

The stock sale arr...