TOKYO , Jan. 7 -- ( Kyodo ) _ Mitsubishi Motors Corp. announced Tuesday it will raise up to 241.6 billion yen in a public offering as part of efforts to revitalize its business. The automaker plans to use the fund to buy back preferred shares held by four group companies including Mitsubishi Heavy Industries Ltd. and the Bank of Tokyo-Mitsubishi UFJ , aiming at resuming dividend payments on common stocks in fiscal 2014 for the first time since September 1997 . Of the total fund to be raised, Mitsubishi Motors is expected to spend up to 210 billion to buy back preferred shares. The company plans to invest the remainder in its Nagoya plant in Aichi Prefecture and Mizushima plant in Okayama Prefecture. It is expected to sell up to 241 million shares, boosting the number of outstanding shares by about 39 percent. The price per share will be decided between Jan. 22 and 24 . Shareholders in the company approved the plan to conduct the public offering at an extraordinary meeting in December.
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