TOKYO Oct 7 Japan's Sharp Corp on Monday set a price of 279 yen per share for a planned offering, according to Thomson Reuters DealWatch, marking a discount of 4.1 percent in a bid to lure investment into its ailing TV and display business.
Sharp said it would raise a maximum of 119 billion yen ($1.23 billion), 20 percent lower than a ceiling of 148.9 billion yen it initially said it would raise on Sept. 18 for as many as 450 million shares.
The company said it will also place 17.5 billion yen with corporate partners Lixil Group Corp, Makita Corp and Denso Corp via a third-party allotment.
Sharp's shares skidded 8.2 percent to 291 yen on Monday, leaving them down 21.4 percent since September's announcement, even though the company narrowed its net loss forecast for the six months to Sept. 30 to 10 billion yen from 20 billion.
Last year the company received a 360 billion yen rescue from creditor banks and has since received investments from Samsung Electronics Co Ltd and Qualcomm Inc.
Sharp posted a net loss of 545 billion yen last year, leaving its capital below 6 percent of equity, well short of the 20 percent ratio seen as a financially stable threshold for manufacturers.