Share sale
By Lydia Chen |
January 15, 2011, Saturday
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Print Edition
Print Edition
CHONGQING Changan Automobile Co said it has raised 3.5 billion yuan (US$530 million) through a sale of additional shares to fund its expansion in minivan production and small-engine projects.
But the amount fell short of its aim to raise 4 billion yuan by selling 360 million shares at 9.74 yuan a share even after it cut the size of the deal by about 12 percent. The company had to downsize the deal after its share price plunged following the release of the share sale.
But the amount fell short of its aim to raise 4 billion yuan by selling 360 million shares at 9.74 yuan a share even after it cut the size of the deal by about 12 percent. The company had to downsize the deal after its share price plunged following the release of the share sale.
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