06:59 AM EDT, 07/10/2024 (MT Newswires) -- KKR & Co ( KKR ) is among investors that plan to participate in a secondary offering of up to 60.4 million shares of Kokusai Electric, the Japanese chip equipment maker said on Wednesday.

Kokusai said it plans to buy back 6 million of its shares worth up to 18 billion yen ($111.4 million).

The secondary offering will be worth about 326 billion yen ($2.02 billion) including the option of overallotment, Reuters said in a report on Wednesday.

Including overallotment, KKR's stake in the company will drop to 23% from about 43% previously, according to Reuters.