Hyundai Heavy Scales Back New Share Issue, to Raise $843 Mln

South Korea's Hyundai Heavy Industries Co Ltd said on Tuesday it plans to raise 906.5 billion won ($843 million) with its new share issue, less than a previous target of about 1.3 trillion won.

 

The shipbuilder said in a regulatory filing that the new shares would be priced at 98,800 won per share.

 

Shares in Hyundai Heavy, which tumbled in late December after it announced the share issuance plan to bolster its balance sheet, surged 7 percent on Wednesday.


($1 = 1,075.2000 won)

(Reporting by Joyce Lee; Editing by Edwina Gibbs)