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S.Korean steelmaker POSCO raises $745 mln in stock deal-IFR
September 11, 2013 / 10:33 AM / 4 years ago

S.Korean steelmaker POSCO raises $745 mln in stock deal-IFR

HONG KONG, Sept 11 (Reuters) - South Korean steelmaker POSCO raised $745 million from a block stock offering, IFR reported on Wednesday, citing sources familiar with the deal.

The company sold 2.49 million of its existing shares held by its treasury at 323,800 won each, putting the total deal at 807.3 billion won ($745 million), added IFR, a Thomson Reuters publication. The price was equivalent to a 4.8 percent discount to Wednesday’s close.

Bank of America Merrill Lynch and Goldman Sachs were joint bookrunners of the sale.

($1 = 1084.1250 Korean won)

Reporting by Daniel Stanton of IFR; Writing by Elzio Barreto; Editing by Matt Driskill

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