China's Gushan Environmental in $100 mln ADR sale

HONG KONG, June 24 (Reuters) - Chinese biodiesel producer Gushan Environmental Energy Ltd (GU.N), which raised about $173 million in a December initial public offering in New York, plans to sell roughly $100 million of existing American Depositary Receipts, according to a term sheet.

The exact number of ADRs has not been set. Gushan Energy shares have risen nearly 23 percent since their listing and closed on Monday at $11.78. Merrill Lynch is handling the sale. (Reporting by Tony Munroe)