JSE-listed media and internet multinational, Naspers says its $750 million bond offering has exceeded demand.

The South African company, which had its share price hit a record high of R800 ($81.19) on the south African bourse this Tuesday before dropping down to 790.05 ($80.18) by mid Wednesday, revealed that in order to meet the excess demand, it’s indirectly wholly owned subsidiary MIH was placing an additional $250 million 6 percent follow-up bonds due in 2020, which will take its total offerings to $1 billion. Business Tech reported.

“As a consequence of increased demand to participate in the offering, MIH B.V. has placed a further $250 million 6 percent notes due 2020,” Naspers said in a statement.

The media firm said that net proceeds will be channelled towards financing general corporate ventures including future acquisitions and the repayment of certain amounts outstanding under the Naspers group’s revolving credit facilities.

Naspers is a South Africa-based multinational mass media company with principal operations in electronic media – pay-television, internet and instant-messaging subscriber platforms and the provision of related technologies – and print media services.