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Edition: U.S. Article Comments (0) Interactive Follow Reuters Facebook Twitter RSS YouTube Read Exclusive: EU calls emergency meeting as crisis stalks Italy 10 Jul 2011 Republican Pawlenty raps rival Bachmann 10 Jul 2011 Boehner: spending curbs, no tax hikes for debt deal 3:08am EDT Taxes still a stumbling block in debt talks | 3:08am EDT RPT-Coal miners say Australia carbon tax treatment unfair 10 Jul 2011 Discussed 102 Jury resumes deliberations in Casey Anthony murder trial 89 Asia pollution blamed for halt in warming: study 64 Obama faces new obstacles in high-stakes debt talks Watched Obama aiming for big debt deal Sun, Jul 10 2011 Royals wrap up North American tour Sun, Jul 10 2011 Royal humor ahead of Polo match Sat, Jul 9 2011 Elpida to raise $990 million for new chips Tweet Share this Email Print Related News Nikkei closes up after touching 4-month high Fri, Jul 8 2011 Samsung quarterly profit falls as weak LCDs overshadow mobiles Thu, Jul 7 2011 Nikkei set to edge lower on profit-taking Wed, Jul 6 2011 Japan cabinet approves $25 billion more for disaster relief Mon, Jul 4 2011 Euro resilient, counts on hawkish ECB Mon, Jul 4 2011 Analysis & Opinion Undead Tepco echoes U.S. housing zombies Wal-Mart and the gap in corporate policy Related Topics Technology » Hot Stocks » Asian Markets » Japan » Related Interactive Disaster in Japan An Elpida DRAM chip (front) is pictured in Taipei March 17, 2010. Credit: Reuters/Nicky Loh By Emi Emoto and Taro Fuse TOKYO | Mon Jul 11, 2011 2:06am EDT TOKYO (Reuters) - Elpida Memory Inc, the world's No.3 maker of DRAM memory chips, plans to raise nearly 80 billion yen ($992 million) through new shares and convertible bonds, as it shifts production to more profitable smartphone chips. Shares of the Japanese company slumped as much as 15 percent, wiping some $360 million of its market value of $2.4 billion after Reuters first reported what will be the biggest equity financing in Japan since the March 11 earthquake. The company will issue 52.2 billion yen in new shares and 27.5 billion yen in convertible bonds, Elpida said in filing to the Financial Services Agency. Three sources close to the matter said Elpida's board were slated to meet on Monday to endorse the share and bond issue. The fund raising will severely dilute the equity of existing shareholders, but Elpida needs cash to invest in cutting-edge chip lines as it chases South Korean industry leaders Samsung Electronics Co and Hynix Semiconductor Inc and defends market share against U.S. rival Micron Technology Inc. "Investors realize that semiconductors are capital intensive, what they want to know is how and when will the investment be turned into profit," said a fund manager in Tokyo, who declined to be identified because he was not authorized to speak to the media. "As the global chip industry consolidates, the expectation is that Elpida will just about survive," he said. The latest fund raising comes after Elpida's Taiwan listing in February with the issue of Taiwan depositary receipts (TDRs) raising T$4.26 billion ($148 million). The fund raising exceeds the 63 billion in capital raised by property firm United Urban Investment Corp in May. Elpida plans to use the money to invest in the production and development of memory chips for smartphones, tablet PCs and other devices, the sources said. Elpida said in May it planned to cut capital spending this year by 32 percent to 80 billion yen, and focus on shifting production to its advanced 30-nanometre and 25-nanometre lines instead of on volume expansion. Elpida, Japan's sole maker of dynamic random-access memory, is struggling with a slump in demand for PC memory chips. In January-March, the company reported a quarterly operating loss of 5.2 billion yen, against a profit of 37.8 billion yen the previous year. ($1 = 80.640 Japanese Yen) ($1 = 28.765 Taiwan Dollars) (Additional reporting by Kentaro Hamada; Writing by Tim Kelly; Editing by Joseph Radford and Anshuman Daga) Technology Hot Stocks Asian Markets Japan Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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