Tokyu Recreation Co., Ltd. (TSE:9631) announced a private placement of 2,619,236 treasury shares at ¥850 per share for gross proceeds of ¥2,226,350,600 from returning investor Tokyu Corporation on February 10, 2016. The investor will acquire a further 8.2% stake in the company through the transaction. The transaction has been approved by the board of directors of the company.

The transaction will take place through third party capital increase. The company will allocate all the shares to the investor, and the investor will underwrite them only when the registration statement for the disposition of the treasury stock becomes effective. The due date for payment of shares is March 17, 2016.