Aeon Mall Co., the shopping center developer controlled by Japan’s largest general retailer, fell the most in more than two years after saying it would raise as much as 67.9 billion yen ($682 million) in a public share sale.

The stock fell as much as 14 percent to 2,200 yen, headed for the biggest drop since March 2011, before trading at 2,485 yen at 10:46 a.m. in Tokyo today. Aeon dropped 1 percent. The Nikkei 225 index gained 0.3 percent.

The company will use proceeds from selling the shares in Japan and overseas markets to invest in new stores, it said yesterday in a filing with Japan’s Finance Ministry. Aeon Co., Japan’s largest general retailer, has a stake of about 56 percent in the smaller company, according to data compiled by Bloomberg.

Aeon Mall will offer as many as 26 million shares, it said in a statement to the Tokyo Stock Exchange yesterday. Its shares have gained more than 65 percent over the last 12 months.

The company may price the share sale as early as June 12 and will split its shares at a ratio of 1.1-for-1 effective Aug. 1.

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