Capital Reduction with Refund is the return of part of the stock price held by shareholders in situations where capital is reduced, such as business reduction and company merger.
It is called 'Capital Reduction with Refund' because the capital is compensated to shareholders as much as it is reduced.
'Capital Reduction with Refund' is rare in the stock market because they reduce capital when the capital is judged to be too large for the size of the company