Internet-only Toss Bank to raise 300 bln won by issuing new shares

Toss Bank-capital increase

Internet-only Toss Bank to raise 300 bln won by issuing new shares

SEOUL, Aug. 25 (Yonhap) -- Internet-only bank Toss Bank said Thursday that it will sell new shares to raise around 300 billion won (US$224.7 million) to fund business operations.

The bank said that its 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 5,000 won apiece and the sale, if completed, will raise the total value of company's capital stock to 1.35 trillion won.

It will mark the company's sixth paid-in capital increase since its operations began last October.

Toss Bank is one of three internet-only banks doing business in South Korea, along with KakaoBank and K-Bank.

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