The 74m shares for Korean Air would be worth KRW 399.9bn ($393m) at the sale price of KRW 5,400 each, compared to a current price of KRW 6,240 in Seoul on Tuesday.
The move is part of its revival plan, Hanjin said in a filing.
Korean Air injected KRW 150bn into Hanjin last year to ease liquidity issues in return for shares.
