Novaland share issuance plan shrinks 40%

It also includes a steep reduction in a private placement from 975 million shares to strategic investors and professional stock investors to 200 million shares to a maximum of five professional stock investors.

With the new plans, Novaland now seeks to issue 1.37 billion new shares to raise VND13.7 trillion ($565 million), down 53% from the original plans.

The company has said the issuance is meant to raise money to repay debts, pay salaries and fund property projects.

It retains a plan to issue shares to employees this year at a maximum rate of 1.5% of total equity at a minimum price of VND10,000.