kdic-sells-51-stake-in-shinhan-at-market-price

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 says the book was well covered but noted that even though many of the orders were submitted at strike price, it seemed there was almost an ôunderstandingö among investors that the final price wouldnÆt go...
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