Size trimmed to 1.7 trillion won from initial 2.4 trillion won
Hanwha Solutions has finalized its rights offering at 1.7 trillion won ($1.23 billion), reduced from the originally planned 2.4 trillion won after three rounds of revisions.
According to financial industry sources, the Financial Supervisory Service did not request further amendments to Hanwha Solutions' securities registration statement by Thursday's review deadline, allowing the filing submitted May 26 to take effect Thursday.
Hanwha Solutions announced the rights offering on March 26, initially targeting 2.4 trillion won to repay debt. The FSS requested corrections twice — on April 9 and April 30.
Through two rounds of revisions, the company scaled back the offering to 1.8 trillion won. On May 26, it trimmed an additional 100 billion won ($72 million), bringing the total to 1.7 trillion won.
The offering process is set to proceed with existing shareholder subscriptions July 22-23, a public subscription period July 27-28, and new share listing on Aug. 11.
Of the funds raised, Hanwha Solutions plans to direct 900 billion won ($651 million) toward future investment — including 100 billion won to upgrade a perovskite tandem pilot line and 800 billion won to build out tandem mass production lines and expand TOPCon production capacity — while allocating the remaining 800 billion won to debt repayment.
By Park Hye-won
klee@heraldcorp.com
