Changan Auto to raise 4b yuan via share sale

January 8, 2011 by Tycho de Feijter

Chongqing Changan Automobile Co (aka Chana), a Chinese joint venture partner of Ford Motor, plans to raise up to 4 billion yuan ($599 million) this month by selling additional shares to fund expansion.

Changan Auto, China’s eighth biggest auto maker by market capitalization, will sell as many as 465 million shares, or a 20 percent stake at 9.74 yuan per share, in line with its last closing price of 8.71 yuan, the company said in a statement to the Shenzhen Stock Exchange on Friday.

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