Nippon Seiro Co., Ltd. (TSE:5010) announced a private placement of 1,897,100 shares at ¥284 per share for gross proceeds of ¥538,776,400 on September 19, 2018. The transaction will happen through third party allocation and involved participation from The Yamaguchi Bank, Ltd. for 645,000 shares, Saikyo Bank Co., Ltd., Investment Arm for 450,000 shares, Ltd. insurance eye Xijing for 150,000 shares, Sankyu Inc. (TSE:9065) for 352,100 shares and Andoh Parachemie Co., Ltd. for 300,000 shares. Post the transaction, the investors will increase their voting rights as The Yamaguchi Bank, Ltd. from 1.46% to 4.58%, Saikyo Bank Co., Ltd., Investment Arm from 2.87% to 4.88%, Sankyu Inc. (TSE:9065) from 2.52% to 4.06%, and Andoh Parachemie Co., Ltd from 3.09% to 4.31% and will become largest shareholders of the company on closing of the transaction.

The company will have net proceeds of ¥527,776,400, after deducting estimated expenses for the issuance of ¥11,000,000. The transaction will close on October 11, 2018.