By Justina Lee
SBI Holdings Inc. said Thursday that it will issue 27 million shares to Sumitomo Mitsui Financial Group Inc. via a third-party allotment.
The financial services company will raise 79.65 billion Japanese yen ($584.6 million) from the share sale and will use the proceeds to repay debt.
The filing confirms a report by Japanese newspaper Nikkei on Tuesday that SMFG was in discussions to purchase a stake in SBI to strengthen its securities businesses.
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(END) Dow Jones Newswires
June 23, 2022 03:45 ET (07:45 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.