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The megabank set the issue price at 184 yen per share based on its stock's closing price of 190 yen Wednesday. A maximum of 1.5 billion shares will be issued both at home and abroad, with subscriptions for the domestic offering to be taken on Thursday and Friday. Payment is to be made July 23.
Mizuho announced its plans for a secondary offering of common shares on May 15. With stocks on an uptrend, the Nikkei Stock Average surged above 10, 000 in mid-June, but has been losing ground this month. Mizuho shares have shed 20 per cent since the announcement was made, forcing the bank to lower its fundraising target.
The offering of new shares will raise Mizuho's Tier-1 capital ratio up 0.9 point to around 7.3 per cent. And core tier 1 capital, which is more narrowly defined and focuses on common stocks and other assets, will account for roughly 2.8 per cent of its total assets.
With their balance sheets battered by the financial crisis, Japan's three megabanks all have decided to secure funds for lending through major public offerings.
(Nikkei) rw
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