Seoul: SK Innovation Co., South Korea’s leading refiner, announced plans to raise 1.99 trillion won (US$1.4 billion) by selling stock. The primary purpose of this stock sale is to use the proceeds for debt repayment.

According to Yonhap News Agency, a regulatory filing revealed that SK Innovation will issue approximately 18 million common shares, priced at 111,000 won per share. The company has specified the investors to whom these stocks will be sold.