Hebei Iron & Steel Co Ltd , China's largest steelmaker, said it plans to raise up to 8 billion yuan ($1.25 billion) in a private placement to fund an acquisition of a sister firm that makes automotive sheets.
The company said in a stock exchange statement on Sunday that it would issue 1.43 billion shares at 5.6 yuan a share to investors including brokerages and insurance firms. The cash raised will also be used to invest in other projects and pay off bank loans, it said.
Source: Reuters
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