Tanaka Chemical Corporation (JASDAQ:4080) announced a private placement of 1,250,000 common shares at ¥343 per share for gross proceeds of ¥428,750,000 on March 28, 2013. The shares will be issued by third party allocation to new investor Sumitomo Chemical Co. Ltd. for 8.99229% stake in the company. Of the amount to be raised, Tanaka Chemical Corporation will inject ¥214,375,000 into its capital, and the new capital will become ¥2,362,100,000. The company will bear registration expenses of about ¥1,500,000, legal recompense and advisory fees of about ¥32,500,000, and other expenses of about ¥500,000 to receive net proceeds of about ¥394,250,000. The transaction was approved at the board of directors' meeting of the company.

On April 15, 2013, Tanaka Chemical Corporation closed the transaction.