GM Daewoo says to raise $396 million in rights offer

GM Daewoo Automotive and Technology Co, a unit of General Motors GM.UL, said on Friday it would raise 491.2 billion won ($396 million) in a new share sale next month.

Unlisted GM Daewoo, the third-largest car maker in South Korea, told a regulator in a disclosure that it would place 162.7 million common shares for 3,019 won apiece to existing shareholders.

($1=1239.8 Won)

(Reporting by Kim Yeon-hee; Editing by Jacqueline Wong)