China Evergrande EV unit to raise $347 million from share sale to fund production

China Evergrande EV unit to raise $347 million from share sale to fund production

Information about China Evergrande EV unit to raise $347 million from share sale to fund production

Kevin David


(Reuters) – China Evergrande’s electric vehicle division is raising about HK$2.7 billion ($347 million) from a share sale to fund production of new-energy cars, it said on Friday.
China Evergrande New Energy Vehicle Group Ltd will issue about 900 million shares at HK$3 apiece through a top-up placement to controlling shareholder Evergrande Health Industry Holdings Ltd, after striking a similar deal with it last week.
The new shares account for about 9% of the company’s total issued stock and are priced at a 15% discount to their Friday’s close of HK$3.53.
The EV unit is seeking Chinese regulatory approval to sell its inaugural Hengchi 5 sport-utility vehicles, as the embattled company vows to start making cars early next year.
Earlier this month, the EV business announced plans to …

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