Toshiba to raise $5.4 billion through sale of new shares to ease delisting risk
Updated:7 years, 11 months ago
New Delhi, Nov 20 (ANI): Toshiba Corp's plan to raise some $5.4 billion through a sale of new shares will help it avoid a delisting, but will also see more than 30 overseas investors, including activist funds, own 35 percent of the embattled conglomerate. The new plan is expected to pay off billions of dollars in liabilities and help Toshiba return to positive net worth by the end of the financial year. The highly contentious auction process led to delays in deciding on the buyer. The $18 billion sale of its memory chip unit is unlikely to close before March. The issue of 2.28 billion new shares will lead to a 54% dilution in earnings per share. But this does not seem to have any effect on Toshiba's investors as shares of the company were down just 5% after the delisting risk was removed.
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