Details of issuance or disposal
Shelf registration for the issuance of Series 1 Bond-Type Class Shares through a public offering
Undetermined (First Bond-Type Class Shares; the total number of authorized class shares under the Articles of Incorporation is 15 million shares)
Undetermined (the maximum planned issue amount is ¥100 billion)
No dilution of the voting rights of common shareholders will occur
The dilution rate shows what proportion the newly issued shares represent of the existing shares. The higher the proportion, the more the value and voting rights per share are diluted.
| Item | Details |
|---|---|
| Type of issuance or disposal | Shelf registration for the issuance of Series 1 Bond-Type Class Shares through a public offering |
| Number of shares to be issued or disposed of | Undetermined (First Bond-Type Class Shares; the total number of authorized class shares under the Articles of Incorporation is 15 million shares) |
| Issue price and disposal price | Undecided |
| Total issue value | Undetermined (the maximum planned issue amount is ¥100 billion) |
| Amount of funds to be raised | Undecided |
| Specific use of funds | Details Capital expenditures, investments and loans, redemption of bonds, and repayment of borrowings / Amount Undecided / Scheduled timing of expenditures Not disclosed |
| Payment date | Undecided |
| Intended allottee | None specified, as this will be a public offering |
| Dilution Rate | No dilution of the voting rights of common shareholders will occur |
| Basis for determining the amount to be paid | Undetermined. The annual dividend rate will be determined using a method similar to bookbuilding |
| Underwriter / lead underwriter | Nomura Securities Co., Ltd. (other underwriters to be determined) |
| Procedures under the Corporate Code of Conduct | The proposed amendments to the Articles of Incorporation will be submitted to the annual shareholders’ meeting scheduled for 26 June 2026 |
| Impact on Business Performance | The issuance of the Bond-Type Class Shares would increase equity capital, but its impact on the calculation of key financial indicators such as ROE attributable to common shares is expected to be limited |
Items this document does not state (15)
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The purpose is to expand equity capital to support ongoing investment in railways, real estate and other areas, and to secure greater flexibility in financing. The company explained that it expects a lower cost of capital than for common shares and aims to secure a financing option without diluting the voting rights of common shareholders.