Hanwha Solutions on Monday finalized a rights offering of nearly 1.2 trillion won ($810 million), less than half the 2.4 trillion won it initially sought to raise.
The energy and chemicals arm of Hanwha Group set the final subscription price at 22,100 won a share, according to a regulatory filing. Any unsubscribed shares will be offered to the public.
The price is about 20 percent below the preliminary issue price of 27,900 won announced last month, following two rounds of revision requests from the Financial Supervisory Service.
Hanwha Solutions had initially planned to use 1.5 trillion won of the proceeds to repay debt and 900 billion won to fund future growth. The offering was later cut to 1.7 trillion won amid regulatory scrutiny and opposition from minority shareholders, before a decline in the company's share price further reduced the figure.
The company said it plans to make up for the shortfall through internal funding, including by securing additional liquidity in the US.
jwc@heraldcorp.com
