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BMQ Ltd$,$ a retailer, is listed on the JSE and its current share price is R$45.$ The company is planning to undertake an offshore expansion by acquiring a retailer in the UK for the equivalent purchase price of R$800$m$.$ The company wishes to raise equity capital by issuing shares on the JSE at a price of R$40$ per share. The new shares will be offered to existing shareholders in proportion to current holdings but shareholders are not required to take up the offer. Which of the following more accurately defines this type of equity capital raising?

A$.$ An initial public offering

B$.$ A rights issue

C$.$ An offer for sale

D$.$ A private placing

E$.$ An offer for subscription

O a$.$ An initial public offering

Ob$.$ A rights issue

O c$.$ A private placing

Od$.$ An offer for subscription

$$e$.$ An offer for sale