The amount of funds Hanwha Solutions will raise through a rights offering has been finalized at about 1.2 trillion won. That is about half of the 2.4 trillion won initially pursued.
Hanwha Solutions said on the 20th via a filing that it finalized the issue price for the rights offering with a shareholder allocation followed by a public offering of forfeited shares at 22,100 won per share.
The final issue price is 20.8% lower than the first proposed price (27,900 won) presented after two correction requests from the Financial Supervisory Service last month.
Accordingly, the amount to be raised through this rights offering has been set at 1.1713 trillion won. That is about half of the 2.4 trillion won planned when the rights offering was pursued in March.
Initially, Hanwha Solutions planned to put 1.5 trillion won of the raised funds toward liability repayment and 900 billion won toward future growth investment. However, amid successive correction requests from the Financial Supervisory Service and opposition from minority shareholders, the size of the rights offering was reduced to 1.7 trillion won, and subsequent stock declines cut the final amount raised to around 1.2 trillion won.
Hanwha Solutions said it plans to cover the shortfall caused by the smaller rights offering through its own financing, including securing liquidity in the United States.