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Tencent, others to buy $516 mn worth shares in China Evergrande New Energy

China Evergrande New Energy Vehicle Group Ltd said on Tuesday investors including Tencent Holdings Ltd and Sequoia Capital will buy $516.12 million worth of company shares in a share sale

Tencent Holdings | China

Reuters  |  HONG KONG 

Photo: Reuters
Photo: Reuters

HONG KONG (Reuters) - Evergrande New Energy Vehicle Group Ltd <0708.HK> said on Tuesday investors including 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 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 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.)

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First Published: Tue, September 15 2020. 08:28 IST