china-resources-power-kicks-off-rights-issue

China Resources Power kicks off rights issue

The deal is underwritten by the parent company and, at $760 million, marks the largest rights issue by a Chinese company so far this year.

China Resources Power CRP, a company that develops and operates power plants in China, has launched a HK$5.93 billion $760 million renounceable rights issue, according to a stock exchange filing posted late last Thursday. This is the largest rights issue undertaken by a Chinese company so far this year.

Hong Kong-listed CRP will issue 423 million shares at a ratio of one rights share for every 10 existing shares. The subscription price is HK$14 per share, which represents a 21.8% discount to Thursday's closing price and a 20.3% discount to the theoretical ex-rights price at the same time.

Outstanding share options, if vested, could bring the total number of shares issued as...

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