Sony to Raise $3.58 Billion of Fresh Funds

Japan’s Sony Corp is to raise a total of $3.58 billion (JPY440 billion) from a share and bond offering.

Most of the proceeds will be directed to the company’s ‘devices’ division with special emphasis on expanding its presence in image sensors used in mobile handsets and tablet computers. Sony’s sensors activity is one of the group’s fastest growing businesses and compensates for slowing in mobile phones and television production.

The company’s shares dropped by over 8% Tuesday in trading on the Tokyo Stock Exchange.

It is raising $2.61 billion (JPY321 billion) from the issue of new shares and a smaller number of shares to cover over allotments. From a 130% convertible bond sale it is raising a further $970 million (JPY119 billion).

Sony said that it is making “steady progress” towards the profitability goals set out in February in its medium term review. It repeated its target to deliver a 10% return on equity by the 2017-2018 financial year.

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