KDB monetizes stake in INI Steel

Overhang removed from stock as creditors divest shares.

Joint leads ING and JPMorgan sold a $107 million GDR in INI Steel stock yesterday Thursday. The deal was designed to remove an overhang on the Hyundai group stock following a debt-for-equity just over three years ago.

A total of 16.9 million GDS units were sold at $6.31, representing a 4.6% discount to the stock's Won7600 close and 30 days trading volume. There is a ratio of one unit per share.

The transaction comprised 14.6% of INI's outstanding equity and resulted in a sale of 6.1% by KDB, 2.4% by Cho Hung, 2.3% KDB Capital, 1% Hana Bank, 0.7% Kookmin and 2.1% by INI Steel in the...

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