Meiji Machine Co., Ltd. (TSE:6334) announced a private placement of 1,900,000 shares at a price of ¥186 per share for gross proceeds of ¥353,400,000 on December 22, 2015. The transaction will include participation from existing investor, Nippon Conveyor Co Ltd. The investor will acquire 16.89% stake in the company through this transaction. Post completion, the investor will hold 16.92% stake in the company.

The company expects to incur issue costs of ¥5,400,000 which mainly includes registration expenses, financial advisory fees and other expenses. The company will receive net proceeds of ¥348,000,000 from the transaction. The transaction is expected to be completed on January 8, 2016.