By Kosaku NariokaImperial Hotel's stock price fell sharply after the company said it planned to offer shares at a discount as part of efforts to increase the number of shares available for trading in the market. Shares were recently 3.5% lower at 1,007 yen ($6.68) on Tuesday morning after falling as much as 3.6% earlier. Imperial Hotel said Monday after the market closed that it has set the price at Y1,007 for a previously announced offering of up to 10.7 million shares currently held by major shareholders, such as Sapporo Breweries and Mizuho Bank. The company had about 118.6 million shares outstanding as of the end of December. Write to Kosaku Narioka at kosaku.narioka@wsj.com(END) Dow Jones NewswiresFebruary 26, 2024 21:41 ET (02:41 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal February 27, 2024 02:48 UTC