South Korea’s Toss Bank to raise $224.7m via new stock issuance: report

It will raise the company’s total capital stock to KRW1.35t.

South Korea’s Toss Bank will sell new shares to raise $224.7m (KRW300b) to fund business operations, reports Yonhap.

The internet-only bank’s board of directors has approved the stock issuance of 60 million shares, including 45 million common shares and 15 million convertible shares.

The new shares will be sold for KRW5,000 apiece.

If completed, the sale will raise the total value of the company's capital stock to KRW1.35t, Yonhap said.