Tokyo-based Olympus Corp is intending to sell its shares amounting to as much as US $1.2 billion (JPY 118 million), half of which is set to be allotted for research and development of its medical unit.

This was revealed in a regulatory filing by the world's biggest endoscope maker before Japan's finance ministry on Monday. The filing further showed that Olympus Corp is set to sell both existing and new stock in overseas market counting in the U.S.

In a Bloomberg report, Olympus said that the proceeds of the sale will be utilized to pay off debt and for capital spending.

The filed documents also showed that Olympus has enlisted SMBC Nikko Capital Markets Ltd., Morgan Stanley (MS) and UBS AG (UBSN) to be the underwriters for the offering.  

The Japanese company has dropped by one percent as of today's trading close in Tokyo leaving it at JPY 3, 095.