Updated: 07/17/2012 23:52

Hyundai heavy cuts 3.5% stake in Hyundai Motor to 2%

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South Korea's Hyundai Heavy Industries has raised US$614 million by selling a 1.5 per cent stake in Hyundai Motor.

Hyundai Heavy sold 3.2 million shares of the country's biggest automaker at US$192 each in a block sale.

The price represented a 3.7 per cent discount to Hyundai Motor's closing stock price.

Hyundai Heavy had been looking to garner funds to improve its financial position, especially after one of its units delayed plans for an IPO.

Hyundai Heavy will still be left with a 2 per cent stake in Hyundai Motor.