A block of shares in Hyundai Motor, Korea’s biggest carmaker, changed hands last night as Hyundai Heavy Industries took advantage of a recent bounce in the share price to raise some capital. The Korean shipbuilder raised W704.75 billion $614 million after pricing the deal slightly above the bottom of the range.
The deal, which exceeded KCC’s $601 million January sell-down in Hyundai Heavy as the largest equity capital markets transaction in Korea this year, comprised about 3.2 million shares, which represented 1.45% of the company and slightly less than half of Hyundai Heavy’s stake. They were offered at a price between W219,500 and W228,500. The top end of...
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