SoftBank Corp to raise $800 million via bond-type class shares

SoftBank Corp plans to raise 120 billion yen ($808.79 million) via Japan’s first public offering of bond-type class shares, it said in a regulatory filing on Monday.

The Japanese telecommunications arm of tech investment giant SoftBank Group first announced the issuance in May, saying the shares would be listed before the close of the 2023 financial year, which ends on March 31, 2024.

The shares will not have voting rights nor can they be converted into common shares, so the issuance would not affect current shareholders, SoftBank said in a statement in May.

The proceeds will be used for growth investments in telecommunications, IT technologies and “next-generation social infrastructure”, it said.