Jtekt To Raise Up To Y19.3bn Via Share Sales-Bearing News

Jtekt Corp. (6473) said Friday it will raise up to 19.3 billion yen through share sales, including a public offering of new shares and a third-party allotment to Toyota Motor Corp. (7203). The proceeds will be used to repay loans related to its purchase of the needle bearing operations of Timken Co. of the U.S. Jtekt will issue up to 21.3 million new shares, of which Toyota will buy 4.8 million shares. Toyota's stake in the bearing maker is expected to remain at 22.54%, even if the maximum number of shares is issued.

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