By Park Hye-won, The Herald Business
Hanwha Solutions has finalized a rights offering worth 1.7 trillion won (approximately $1.12 billion), scaled back from an initial 2.4 trillion won after three rounds of revisions.
The Financial Supervisory Service did not request further amendments to the securities registration statement Hanwha Solutions submitted on May 26 by Wednesday's review deadline, financial industry sources said. The filing is set to take effect Thursday.
Hanwha Solutions announced plans on March 26 to raise 2.4 trillion won through a rights offering to repay debt, but the FSS twice demanded revisions — on April 9 and April 30.
Through two rounds of amendments, the company reduced the offering size to 1.8 trillion won. In its May 26 filing, it cut a further 100 billion won ($68 million), bringing the total to 1.7 trillion won.
Under the current schedule, existing shareholders will be able to subscribe July 22-23, followed by a public subscription period July 27-28, with new shares set to list on Aug. 11.
Of the funds raised, Hanwha Solutions plans to direct 900 billion won ($612 million) toward future investment — including 100 billion won to upgrade its perovskite tandem pilot line and 800 billion won to build out tandem mass production lines and expand TOPCon production capacity — while the remaining 800 billion won will go toward debt repayment.
klee@heraldcorp.com
