Doosan Infracore Co., South Korea’s leading construction equipment maker, said Thursday that it plans to sell shares to overseas investors in a bid to boost its financial status.

In a regulatory filing, the company said it would issue the so-called global depository receipts, or certificates of stock ownership, worth up to $400 million.

The GDRs represent 40 million common stocks, and will be listed on the Singapore Exchange later, it said. The proceeds from the share sales will be used to repay foreign currency-denominated debts, it said.

The number of shares to be sold and the pricing will depend on the procedure of the GDRs, it added.

Doosan Infracore holds 3.8 trillion won($3.58 billion) worth of foreign debts.

Doosan Infracore borrowed some $2.9 billion from investors to finance its takeover of the U.S.-based construction equipment maker Bobcat in November 2007. (Yonhap News)