Innolux raises $504 million from upsized GDR

The deal is triggered by obligations under a debt restructuring agreement between the Taiwan LCD panel manufacturer and its lending banks.

Innolux raises $504 million from upsized GDR
Worries about demand for smartphone displays has affected sentiment across the industry

Innolux, a Taiwanese TFT-LCD panel manufacturer, has raised NT$14.6 billion $504 million from the sale of global depositary receipts GDRs that will be used to pay down bank loans under a debt restructuring agreement.

The well-flagged deal was completed after the close of trading yesterday and was well-received by investors, allowing the company to exercise the 13.6% upsize option in full. As a result, it was able to raise the full remaining...

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