TOKYO -- One year after Toshiba offered 600 billion yen ($5.46 billion) worth of new shares to dozens of investment funds in a desperate effort to avoid a stock delisting, many of these investors are retaining their stakes in a bid to influence the conglomerate's strategic direction.
About half of the 2.28 billion new shares that Toshiba issued through a private placement in December 2017 have been unloaded, on and off the market, according to reports Toshiba is required to submit to the Tokyo Stock Exchange. All of these unloaded shares were sold above the offer price of 262.8 yen, meaning sellers pocketed a gain. The issuance total reflects the tally before the company's reverse stock split in 2018.
