China CNR plans $1.1 billion rights issue

The railway-carriage maker will offer up to three rights shares for every 10 existing A-shares.

China CNR plans $1.1 billion rights issue

China CNR Corp, the country’s second-biggest maker of railway carriages, has scrapped plans for a Rmb10.2 billion $1.6 billion private placement and will instead raise Rmb7.1 billion $1.1 billion through a rights issue.

The company will use the funds to pay for research and development of carriages for high-speed trains. CNR will offer up to three rights shares for every 10 existing A-shares, which will result in the issue of approximately 2.49 billion new shares,...

To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition

CONFERENCES