Doosan Infracore raises $400 million from overseasDoosan Infracore, the nation’s leading machinery maker, said yesterday that it has raised $400 million by selling shares to overseas investors in a bid to improve its financial health.
The company said it issued 38.8 million new global depositary receipts (GDR), or certificates of stock ownership, to foreign investors at $10.31, or 10,857 won, per share.
It will be listed on the Singapore Exchange on Dec. 20.
The affiliate of Doosan Group said the proceeds from the GDR sales will be used to repay foreign currency-denominated debt. The company expects its debt-to-equity ratio to drop below the 250 percent level from 305 percent at the end of September.