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.
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Worries about demand for smartphone displays has affected sentiment across the industry
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<div style="text-align: left;"> Worries about demand for smartphone displays has affected sentiment across the industry </div>

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 amount of equity that it was required to raise by the end of January, leaving the management free to focus on running the business.

Innolux, which has been loss-making for the past...

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