Mitsubishi Motors Corp. said Tuesday it will receive a capital injection of 295 billion yen from Mitsubishi Group firms and China Motor Corp. later this month, 15 billion yen more than was initially planned.
After the automaker announced the capital boost and other restructuring measures on May 21, some Mitsubishi Group firms, including Meiji Yasuda Life Insurance Co., agreed to provide financial assistance, it said.
The group firms -- including Mitsubishi Heavy Industries Ltd., Mitsubishi Corp. and the Bank of Tokyo-Mitsubishi -- and China Motor, Mitsubishi Motor's strategic partner, are scheduled to purchase preferred shares from the automaker, with payment due in late June.
Mitsubishi Motors also anticipates receiving a 170 billion yen capital boost in late July from Phoenix Capital Co., a Tokyo-based corporate revival fund, and J.P. Morgan Securities.