Renaissance,Incorporated (TSE:2378) announced a private placement of 2,603,500 treasury shares at an issue price of ¥1,049 per share for gross proceeds of ¥2,731,071,500 on July 28, 2020. The company issued equity through third party allotment in the transaction. The transaction will involve participation from Sumitomo Life Insurance Company for 1,000,000 shares, and Sompo Holdings, Inc. (TSE:8630) for 1,603,500 shares for 5.29% and 8.49% stake, respectively.

The transaction has been approved by the board of directors of the company. The transaction is subject to the effectuation of the notification under the Financial Instruments and Exchange Act. The issuance expenses of the transaction are ¥1,500,000.