HONG KONG, July 18 (Reuters) - South Korea’s government has raised about $353 million by selling a stake in Industrial Bank of Korea, according to a term sheet of the deal seen by Reuters on Friday.
The government sold 28 million IBK shares at 13,000 won each, or a discount of 4.8 percent to Thursday’s close, the terms showed.
The sale will cut the government’s stake to around 55 percent from 60 percent. It is restricted from selling any more shares for the next 90 days, the terms showed. (Reporting by Denny Thomas; Editing by Edwina Gibbs)