SEOUL– Doosan Infracore Co. on Friday announced that it will sell stocks to raise 800 billion won (US$682 billion).
The proceeds from the stock sale will be used mainly to pay off its debts and for other purposes, the company said in a regulatory filing.
Doosan Infracore will issue some 115.1 million common shares at a price of 6,950 won per share.
The stocks will be sold to the firm’s existing shareholders.
Hyundai Genuine Co., the holding company of Doosan Infracore, will buy up to 28.8 percent of the stocks worth 226.6 billion won, Doosan Infracore said.
In a meeting, the shareholders of Doosan Infracore decided to rename the construction equipment maker Hyundai Doosan Infracore Co.
Source: Yonhap News Agency