GS Yuasa to raise up to $315 mln in share sale to Honda (updated)

GS Yuasa

20/11/2023 07:08

(Adds shareholder information in paragraph 4)
       TOKYO, Nov 20 (Reuters) - Japanese battery maker GS
Yuasa  6674.T  said on Monday it would raise as much as 47.2
billion yen ($315.47 million) in a sale of new shares and
third-party allotment to Honda Motor  7267.T .
    GS Yuasa said it would use the funds for capital expenditure
on a new plant to make lithium-ion batteries for electric
vehicles. 
    Honda said separately it was participating in the share sale
as part of its strategy to strengthen its electrification
business. 
    Honda's ownership in GS Yuasa will be 4.99% after the
transaction, the carmaker said. It holds 3% of GS Yuasa, ranking
third in ownership of the battery company, according to LSEG
data.
        
  
($1 = 149.6200 yen)

 (Reporting by Rocky Swift; Editing by Jacqueline Wong)
 ((rocky.swift@thomsonreuters.com;))