GCI Liberty (GLIBA) said Wednesday that its board has approved a $300 million rights offering to shareholders of record on Nov. 24.

Under the offering, each whole right will entitle its holder to buy one share at about a 20% discount to the stock's 10-day volume-weighted average trading price prior to the offering, the company said.

The offering is expected to begin on Nov. 26 and will expire on Dec. 17, GCI Liberty said.

Chairman John Malone intends to fully exercise his basic subscription privilege and purchase any remaining unsubscribed shares through the oversubscription option, the company said.

Net proceeds will be used for general corporate purposes, which may include working capital, capital expenditures, debt repayment or refinancing, and potential acquisitions, GCI Liberty said.

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