Geely placement raises $138 million

The carmaker raises cash at a 6.9% discount to fund acquisitions, while its chairman trims his stake.

China's largest private car manufacturer Geely Automobile Holdings raised HK$1.08 billion $138 million from a share placement on Tuesday night, the company announced yesterday morning.
 
A total of 800 million shares were on offer, of which 570 million were primary shares. The remaining secondary portion was sold by Proper Glory Holdings, Geely's controlling shareholder, which is 90% owned by the carmaker's founder, Li Shu Fu. The vendor agreed to a three-month lock-up after the transaction.
 
The shares...

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