According to various reports bookmaker William Hill is planning to raise £350 million in a rights issue in order to refinance its debt.

"The newspaper said the company was expected to announce the fundraising on Friday when it reports annual results. It said the rights issue was likely to be fully underwritten by Citigroup.," reported Reuters citing a report from The Sunday Times.

The telegraph.co.uk says that William Hill is following a trend that sees many financially healthy companies opting for rights issue.

While spokespeople from William Hill issued a "no comment" when queried on the speculation "sources close to the bookmaker confirmed that conversations about the possibility of raising money have been taking place, as it looks to refinance its debt earlier than necessary," reported the Telegraph.

Will Hill planned to use the £350 million and scrap its divident with the intention to cut down on its £1.2 billion debt, the Telegraph said.