Hyundai Heavy Industries, the world’s largest shipbuilder, said it has raised KRW 1.23 trillion ($1.15bn) from a rights issue.

The new shares are set to be listed on South Korea’s main stock exchange on 27 March 2018, it said in a regulatory filing.

Some KRW 820bn of the proceeds to improve its finances, with the remainder going towards research and development for eco-friendly and ‘smart’ ships.