China waste firm Everbright Intl plans up to $484 mln share sale-IFR
HONG KONG Dec 10 (Reuters) - Waste management and energy company China Everbright International Ltd is seeking to raise up to HK$3.75 billion ($484 million) by issuing new shares, IFR reported on Tuesday, citing sources.
The company is selling 430 million shares, or 10.6 percent of the total shares outstanding, at an indicative price range of HK$8.46 to HK$8.72 each, equivalent to a discount of 4.8 percent to 7.6 percent to the last traded price.
The company had earlier in the day halted trading pending the placement of shares.
It did not indicate what the funds would be used for.
Morgan Stanley is the sole bookrunner.
China Everbright International, which has a market capitalisation of $4.75 billion, is an investment holding company with interests in environmental energy project construction and operation, including waste-to-energy power plants, waste water treatment and alternative energy.
The company's subsidiaries include Everbright Alternative Energy (Dangshan) Co Ltd, Everbright Environmental Energy (Changzhou) Co Ltd and Everbright Environmental Energy (Jiangyin) Co., Ltd, according to Thomson Reuters data.
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