LONDON, May 10 (Reuters) - Debenhams Plc (DEB.L), Britain's second-biggest department store group, is working on plans to raise up to 500 million pounds ($733 million) in a rights issue in the next few weeks to cut its 927 million pounds debt pile, the Financial Times said.

Debenhams Summer 2009 campaign

The newspaper said on Saturday 9 May that Debenhams was looking to raise between 300 million and 500 million pounds but was also considering a restructuring of its debt, such as seeking a waiver on covenants and extending debt repayment schedules.

The FT cited some people familiar with the situation as suggesting a cash call had not yet been finalised.

Last month Debenhams reported better than expected interim results and Chief Executive Rob Templeman reiterated that it was important the issue of leverage "is taken off the agenda".

Nobody at the retailer could be reached to comment on Sunday.

Shares in Debenhams, which refloated at 195 pence in 2006 after two and a half lucrative years in private equity hands, plunged to as low as 20-1/2 pence last year on worries over its debts.

But they have bounced this year, closing on Friday at 93.25 pence, valuing the business at 821 million pounds. (Reporting by James Davey; Editing by Greg Mahlich) ($1=.6821 pounds)