Frente Co., Ltd. (JASDAQ:2226) announced a private placement 894,000 common shares at ¥2,638 per share for gross proceeds of ¥2,358,372,000 on October 29, 2014. The shares will be issued by a third party allocation to existing investor Nissin Foods Holdings Co., Ltd. Following the transaction, the investor stake in the company will increase from 20.01% to 33.41%. The company will incur ¥17,500,000 as cost for the transaction bringing the net proceeds to ¥2,340,872,000. The transaction has an expected payment date of November 18, 2014.

On October 30, 2014, the company announced that the transaction has been approved by its board of directors.