Shui On Land sells $261 mln shrs to expand land bank

HONG KONG, June 11 (Reuters) - Property developer Shui On Land (0272.HK) said on Thursday it would sell HK$2.04 billion (US$261.5 million) worth of new shares to its controlling shareholder, raising capital to expand land bank and for working capital.

The Shanghai-focused developer said it would issue 418.5 million new shares at HK$4.87 per share to its controlling shareholder Shui On Investment Co Ltd after the shareholder completed a sale of the same amount of existing shares at the same price to third-party investors.

The issue price represented a discount of about 7.06 percent to its closing price of HK$5.24 on Wednesday.

Goldman Sachs (Asia), BNP Paribas and Cazenove Asia are handling the deal, the company said. (US$1=HK$7.8) (Reporting by Donny Kwok; editing by Ken Wills)