Business

Sony shares fall 8% on fund raising plan

Sony logo Image copyright AP

Shares in struggling Japanese electronics giant Sony have fallen more than 8% after it announced plans to raise billions of dollars in a sale of shares and convertible bonds.

Sony said the sale would help it to finance increased production within its image sensor business.

It said it hoped to raise about 440bn yen ($3.6bn; £2.28bn) from the sale.

In February, Sony announced a spin-off of its video-and-audio business in an attempt to return to long-term profit.

The electronics giant said at the time it wanted to achieve an operating profit of 500bn yen by March 2018.

The plans include a greater focus on its image sensors, which are used in smartphones and cameras.

Sony spun off its TV unit last year and exited the personal computer business.

The company's shares closed down 8.26% in Japan at 3,461 yen.

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