Hyungji Elite shares were plunging 15% on the 3rd. The drop was seen as stemming from the company's earlier decision to carry out a shareholder allotment paid-in capital increase worth 21.3 billion won.
As of 10:12 a.m. that day, Hyungji Elite shares were trading on the main bourse at 1,184 won, down 15.80% (222 won) from the previous session.
This was attributed to Hyungji Elite saying on the 31st last month that it had decided on a shareholder allotment followed by a public offering for unsubscribed shares, totaling 21.3 billion won, as a paid-in capital increase.
Hyungji Elite decided on the capital increase to raise operating funds and debt repayment funds. It plans to issue 23 million new shares at 928 won per share, equivalent to 60% of the total number of shares outstanding.