One of Japan's top ranked banks, Mitsubishi UFJ Financial Group Inc., has announced its plans of pegging the per share price at 428 Yen, in what will be the company's second stock scale in merely a year. Also, with the offering, the group is looking to raise as much as 1.026 Trillion Yen ($11.6 Billion).

As per the filing made by the bank with Japan's Finance Ministry, the date of the offering is December 21, and the per share price that has been decided is a 3.2% discount on the last trade price recorded by the share which stood firm at 442 Yen.

As per Chief Executive Officer Nobuo Kuroyanagi's statement last month, he did not want to "miss the opportunity to tap equity investors for additional fund".

Last year's December-January offering that was floated by Mitsubishi UFJ ended up getting the bank 400 Trillion Yen, and the group is looking to go far beyond that this time, especially keeping in mind the improving economy which has started to return to growth and a positive business and consumer confidence.

The stock sale is an important step for the bank, as analysts have pegged that concerns about "capital-raising will likely continue weighing on bank shares over the next year".