Hanwha Solutions' rights offering plan passed the Financial Supervisory Service's review after three corrections. The rights offering, initially pursued at 2.4 trillion won, was reduced to 1.7 trillion won.
According to financial authorities and the industry on the 10th, the Financial Supervisory Service (FSS) did not request a correction filing by the review deadline of the day for the securities registration statement that Hanwha Solutions submitted on the 26th. Accordingly, the securities registration statement will take effect on Jul. 11.
Earlier, on Mar. 26, Hanwha Solutions announced a 2.4 trillion won rights offering plan to repay debt. However, the Financial Supervisory Service (FSS) requested corrections twice, on Apr. 9 and Apr. 30.
Hanwha Solutions then filed a correction, cutting the rights offering size to 1.8 trillion won. On the 26th, it further reduced the planned debt repayment amount by 100 billion won, changing the total rights offering size to 1.7 trillion won.
With the securities registration statement taking effect, Hanwha Solutions is expected to begin the full-fledged rights offering process. Subscriptions for existing shareholders will be held Jul. 22–23, and the public offering subscriptions will be held Jul. 27–28. The new shares are scheduled to list on Aug. 11.
Of the funds raised through this rights offering, Hanwha Solutions plans to use 900 billion won for future investments. Specifically, it will invest 100 billion won to upgrade the perovskite tandem pilot line and 800 billion won to build a mass-production tandem line and expand TOPCon capacity. The remaining 800 billion won will be used to repay debt.