Hanwha Solutions confirms rights offering at $810 mil.
Hanwha Solutions headquarters in Seoul / Yonhap
Hanwha Solutions Corp. said Monday it has finalized its rights offering at 1.2 trillion won ($809.7 million), about half of its original fundraising target.
In a regulatory filing, Hanwha Group's flagship energy and chemicals affiliate said it set the final subscription price for the rights offering at 22,100 won per share, followed by a public offering of unsubscribed shares.
Hanwha Solutions announced in March plans to raise 2.4 trillion won through a rights offering, with 1.5 trillion won earmarked for debt repayment and the remaining 900 billion won for future growth investments
However, the size of the offering was reduced to 1.7 trillion won following repeated requests by the Financial Supervisory Service to revise its filing and opposition by minority shareholders. The amount was further reduced after the company's share price declined, lowering the proceeds from the offering.
The company said it plans to make up the shortfall through internal financing, including by securing additional liquidity from its U.S. operations.