May 23 Mitsubishi Motors Corp is
planning to wipe out about 924.6 billion yen ($8.9 billion) of
cumulative losses in the year ending March 2014 by tapping its
capital base, the Nikkei reported.
The company also plans a 1-for-10 reverse stock split and
raise the maximum number of issuable shares to ease raising
capital in the future, the Japanese daily said.
Mitsubishi Motors' board will finalize resolutions this week
for amending the company's charter to use its capital base and
capital reserves, which amounts to slightly more than 1 trillion
yen, to cover the loss, the newspaper reported without citing
($1 = 103.5050 Japanese yen)
(Reporting by Pallavi Ail in Bangalore; Editing by Joyjeet Das)