TOKYO—Sony Corp. said Tuesday it plans to raise up to $3.6
billion by issuing a combination of stocks and convertible bonds to
bolster promising growth areas such as its image sensor business
and its PlayStation videogame business.
The Japanese electronics company said it hopes to raise ¥ 322
billion ($2.63 billion) through a new share offering and ¥ 120
billion through an issuance of convertible bonds. The company last
held a new stock offering 26 years ago and a convertible bond
offering in 2012.
Sony said the bulk of the proceeds will be spent on beefing up
its production and research-and-development capacity at its device
unit, the company's latest cash cow. The Japanese company's image
sensorsâ "a core part of its camerasâ "have attained the top spot
in the industry and are used in many smartphones, including Apple
Inc.'s iPhone and Samsung Electronic Co.'s Galaxy. Sony is planning
to spend ¥ 210 billion on image sensors and ¥ 80 billion on camera
modules.
News of the issuances hit Sony's stock hard in the final minutes
of trade on the Tokyo Stock Exchange. Sony's shares ended down 8.3%
at ¥ 3,461.5 after finishing the morning session down 3.2%.
Write to Takashi Mochizuki at takashi.mochizuki@wsj.com
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