SK hynix lowers Nasdaq ADR offering to $28 bil.

Chip giant SK hynix said Monday it plans to raise up to 43.14 trillion won ($28.14 billion) through a stock offering linked to the listing of its American depositary receipts (ADRs) on the Nasdaq market.

The amount was revised down from 45.45 trillion won in an earlier plan, reflecting Friday's closing price of 2.42 million won on the Korea Composite Stock Price Index (KOSPI), compared with 2.

55 million won on June 23. In a regulatory briefing, SK hynix said it will issue up to 17.79 million new shares, equivalent to about 2.

5 percent of its total shares, for the ADR listing scheduled for Friday. The subscription and payment dates are set for July 14, while the new depository receipts are scheduled to be listed on July 29. The exact amount will be confirmed after book building, the chipmaker said.

ADRs refer to securities issued in the U.S. stock market that allow investors to trade shares of foreign companies.

They allow companies to attract U.S.-based investors without a full listing of common shares.

The world's second-largest memory chipmaker said the proceeds from the stock sale will