Goldman unit to exit Geely Auto with selldown of up to $315 mln -IFR

HONG KONG Tue Oct 8, 2013 5:39am EDT

HONG KONG Oct 8 (Reuters) - Goldman Sachs Principal Investment Area, the private equity unit of the U.S. securities firm, plans to exit its investment in Chinese firm Geely Automobile Holdings Ltd., selling its entire stake in an offering worth up to $315 million, IFR reported on Tuesday, citing a term sheet of the deal.

The Goldman Sachs unit is offering 578 million shares in a range of HK$4.10 to HK$4.23 each, equivalent to a discount of up to 7 percent to Tuesday's closing price of HK$4.41, added IFR, a Thomson Reuters publication.