A total of 16 plaintiffs are seeking legal action to halt Hi Investment & Securities’ plan to raise 100 billion won by issuing 62.5 million redeemable and convertible preference shares, the investment bank said in a disclosure Tuesday.
The Busan District Court will make a final ruling on the matter Thursday, a day ahead of the due date for the transaction.
Hi Investment & Securities said it is dealing with this issue through its legal representative.
|(Courtesy of Hi Investment & Securities)|
Announced in December, the fundraising plan was meant to raise the investment bank’s equity capital to nearly 1 trillion won. Its equity capital as of end-September came to 786.3 billion won.
Hi Investment & Securities is controlled by provincial bank-led DGB Financial Group, based in Daegu. DGB Financial acquired the brokerage house in September 2018.
By Son Ji-hyoung (firstname.lastname@example.org)