Apple supplier Hon Hai plans $310 million GDR sale: paper

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in Tucheng, New Taipei city, December 24, 2013. REUTERS/Pichi Chuang (Reuters)

TAIPEI (Reuters) - Hon Hai Precision, a major supplier of Apple Inc, is set to raise about T$93 billion ($310 million) via selling new shares to foreign investors for its expansion overseas and into Taiwan's developing 4G telecom market, a local paper reported on Monday. Hon Hai is planning to ask shareholders at its AGM in June for approval of the share sale, with the company planning to sell up to 1 billion new shares via global deposit receipts (GDR), the Economic Daily News said. Hon Hai shares closed at T$93 on Friday. Company officials were not immediately available for comment. (Reporting by Faith Hung; Editing by Michael Perry)