Properst Co., Ltd. (JASDAQ:3236) announced a private placement of 2,238,700 shares at ¥134 per share for gross proceeds of ¥299,985,800 on September 25, 2015. The transaction will include participation from an existing investor, Shinoken Group Co., Ltd. for 1,492,500 shares, new investors, Asahi Fire & Marine Insurance Co Limited, Asset Management Arm, and Kyushu Leasing Service Co., Ltd. for 373,100 shares each. As part of the transaction, Shinoken Group Co., Ltd. will acquire 4.07% stake increasing its stake from 15.41% to 19.48%, Asahi Fire & Marine Insurance Co Limited, Asset Management Arm will acquire 1.32%, and Kyushu Leasing Service Co., Ltd. will acquire 1.32%.

The transaction has been approved by the board of directors of the company. The transaction is expected to close on October 13, 2015. The transaction will take place through third party allotment.

The company will incur issue costs of ¥7,500,000; of which ¥3,000,000 will be spent on legal expenses, ¥1,050,000 will be spent on registration-related expenses, ¥1,400,000 on other expenses including documentation creation expenses, ¥500,000 for stock commissions to Mitsubishi UFJ Trust and Banking Corporation, ¥1,100,000 on external inspection expenses to JP Research & Consulting, Inc., and ¥450,000 on other expenses. The company will receive net proceeds of ¥292,485,800.