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[Alpha Biz= Kim Sangjin] Hyundai Securities' 200 Billion Won Capital Increase Plan Approved by Financial Supervisory Service
Hyundai Securities' plan for a 200 billion won capital increase has been approved by the Financial Supervisory Service (FSS).
According to the FSS's electronic disclosure system last Friday, the FSS announced that the amended securities registration statement submitted by Hyundai Securities on December 24 will take effect starting from that day.
In November last year, Hyundai Securities decided to proceed with a 200 billion won rights offering to secure future growth momentum. The company plans to use the capital increase to implement a next-generation ledger system, repay redeemable convertible preferred stocks (RCPS), and settle short-term borrowings to strengthen its capital competitiveness. However, last month, the FSS requested an amended filing, halting the effectiveness of the registration statement.
Hyundai Securities submitted a significantly revised amended filing on December 24. The company also made further revisions voluntarily on January 9 to address specific details.
With the amended securities registration statement now approved, Hyundai Securities will raise funds as planned through the rights offering on March 19. Of the total amount, 100 billion won will be used for debt repayment, while the remaining 100 billion won will be allocated for the development of a next-generation system.
The issue price for the capital increase will be finalized on February 21. Subscription for existing shareholders will take place from February 26 to 27, while the public offering subscription will be held from March 4 to 5.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
