Nomural Holdings Inc. announced a plan of cutting its stake in Nomura Real Estate Holdings in a deal that could fetch about $577 million as it prepares for stricter capital regulations.
Nomura, the largest brokerage in Japan, disclosed in a released statement that it will be selling up to 32 million shares in Nomura Real Estate fully controlled by a subsidiary in a secondary offering. This sale is expected to raise 53.3 billion yen basing on the closing price of the Nomura Real Estate of 1,665 yen.
The sale deal, which includes an over-allotment option, would reduce the stake held by Nomura in the property firm from 50.9% to 34.2%.
The brokerage said that the sale of its stake in the property firm, which it does not consider important to its operations, is part of its preparation for tougher global regulations on capital levels.
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