 "Tencent, others to buy $516 mn worth shares in China Evergrande New Energy")
HONG KONG (Reuters) - China Evergrande New Energy Vehicle Group Ltd <0708.HK> said on Tuesday investors including Tencent Holdings Ltd <0700.HK> and Sequoia Capital will buy HK$4 billion ($516.12 million) worth of company shares in a share sale.
The electric vehicle unit of property developer China Evergrande <3333.HK> said its controlling shareholder plans to sell 176.58 million existing shares, or about 2% of the share capital, to not less than six third-party investors.
The shares will be sold at HK$22.65 per share, representing a 19.96% discount to Monday's close of HK$28.30. Yunfeng Fund and Didi Chuxing are also among the investors who will buy shares of China Evergrande New Energy Vehicle Group.
The company said it will issue the same number of new shares at the same price to the controlling shareholder after the deal, raising capital for general corporate purposes.
(Reporting by Donny Kwok; Editing by Subhranshu Sahu)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app