Toray to raise up to 109.5 bln yen via share offerings

TOKYO, May 24 (BestGrowthStock) – Japan’s Toray Industries (3402.T: )
said on Monday it would raise as much as 109.5 billion yen ($1.22
billion) through the sale of new and existing shares in June.

The textile company will use 59 billion yen of the proceeds
to repay debt it used to invest in a joint venture and the rest
is to finance capital spending through March 2013, Toray said in
a statement.

The number of its shares will increase by as much as 16
percent to 1.631 billion shares after the share sale.

Investment Analysis

(Reporting by Yumiko Nishitani)

Toray to raise up to 109.5 bln yen via share offerings