TOKYO Nomura Holdings Inc (8604.T) said on Friday that it would cut its stake in Nomura Real Estate Holdings (3231.T) in a deal that will raise about $577 million as Japan's largest brokerage prepares for tougher capital regulations.
Nomura said in a statement it would sell up to 32 million shares in Nomura Real Estate held by a subsidiary in a secondary offering. The sale would raise 53.3 billion yen ($577 million) based on Nomura Real Estate's closing price on Thursday of 1,665 yen.
Including an over-allotment option, the sale would cut Nomura's stake in the property firm to 34.2 percent from 50.9 percent.
Nomura said the stake sale would help it prepare for tougher global rules on capital levels, including the planned implementation of Basel 3 regulations.
It is also part of the brokerage's effort to sell assets not considered core to its operations. In November Nomura announced the sale of British property firm Annington Homes in a deal worth 3.2 billion pounds.