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Last week, it is reported that Hitachi Ltd, Japan based electronic giant has planned to raise about $4.6 billion by selling its shares and convertible bonds. The money will be used to improve its battered capital base.
It seems that the company has planned to sell about 300 billion yen worth of shares and another 100 billion yen in convertible bonds. Various analysts predict that it would lead to severe depletion of its share prices in the market.
However, the company has not made any public announcement of such development.
Hitachi, a conglomerate of more than 900 group firms has reported its fourth straight year of losses and its shareholders' equity ratio has dropped to just below 11 percent.
Recently, its rival NEC Corp has also announced to raise about $1.5 billion from the market.
The company has also lost market share in flat TVs and digital devices to rivals from South Korea and Taiwan. Hitachi had reported about 787 billion yen loss in the last fiscal year ended in March, but has forecasted a loss of 230 billion yen in the present fiscal year.
Vinod Negi/ITvoir Network |
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