HONG KONG (Reuters) - Chinese e-commerce leader Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with direct knowledge of the matter said.
Depending on investor response, proceeds could reach $8 billion which Alibaba is likely to use for general corporate expenditure, one of the people said.
The plan, including the timeline, is not final and subject to change, the people said, declining to be identified as they were not authorised to speak to the media.
Alibaba declined to comment.
(Reporting by Sumeet Chatterjee, Julie Zhu and Kane Wu; Additional reporting by Scott Murdoch and Anshuman Daga; Editing by Christopher Cushing)
(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.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.