Olympus hits one-month low, plans up to $1.17 billion in share issue

TOKYO Mon Jul 8, 2013 8:25pm EDT

A man passes a logo of Japan's Olympus Corp outside the company showroom in Tokyo December 21, 2012. REUTERS/Yuriko Nakao

A man passes a logo of Japan's Olympus Corp outside the company showroom in Tokyo December 21, 2012.

Credit: Reuters/Yuriko Nakao

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TOKYO (Reuters) - Shares in Olympus Corp (7733.T) dropped as much as 7.6 percent to a one-month low of 2,860 yen on Tuesday after it said it will raise up to 118 billion yen ($1.17 billion) in a new share issue to expand its medical equipment business.

The proceeds will also be used to rebuild its financial health, after an accounting scandal plunged the company into the red.

Olympus shares were down 7.4 percent at 2,867 yen by 0016 GMT.

(Reporting by Dominic Lau; Editing by Stephen Coates)

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