Industrial Bank of Korea (KOSE:A024110) announced a private placement of 29,379,034 shares at KRW 8,986 per share for gross proceeds of KRW 263,999,999,524 on March 4, 2020. The shares will be issued at par value of KRW 5,000. The transaction will include participation from existing investor, The Republic of Korea. The transaction will be made through third party allotment. The transaction is expected to close on April 22, 2020. The securities to be issued are subject to a hold period of one year. The transaction has been approved by the board of directors of the company.