KDIC sells 5.1% stake in Shinhan at market price

A group of 17 strategic investors picks up 88.5% of the deal, but the price is determined through a bookbuild for the remaining portion.

Korea Deposit Insurance Corp, or KDIC, last night raised W1.118 trillion $1.21 billion by selling almost all of its remaining 22.36 million shares in Shinhan Financial Group.

The long awaited sale, which comprised a total of 19.45 million shares, was done at a price equal to yesterdayÆs close, or at W57,500 per share, after the stock had been offered to investors in a range that represented a premium of 0% to 0.35% to the latest market price. One source...

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