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Industrial Bank of Korea to raise 675B won in debt, stock offerings

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Industrial Bank of Korea to raise 675B won in debt, stock offerings

Industrial Bank of Korea plans to raise 675 billion won through debt and common stock offerings.

The South Korean policy bank said Aug. 28 that its board approved a plan to raise 650 billion won through an issue of contingent capital securities with write-down features. Details of the domestic offering of subordinate bonds will be determined later.

The bank also proposed to issue 2,212,585 common shares to the South Korean government at 11,299 won per share to raise 25 billion won. The shares will be issued on Sept. 24.

The South Korean government is the largest shareholder of Industrial Bank of Korea.

As of Aug. 28, US$1 was equivalent to 1,213.21 South Korean won.