HONG KONG (Reuters) - Chinese railway equipment maker Zhuzhou CSR Times Electric (3898.HK) aims to raise $294 million by issuing new shares and will use the proceeds to buy raw materials and machinery, it said.
In a statement to the Hong Kong exchange the company said shares would be placed at an 8.8 percent discount to Friday’s closing price. Goldman Sachs (GS.N) is the sole bookrunner.
The company’s shares closed on Friday at their highest since January 17 and are up 43.3 percent in the past three months.
Reporting by Vikram Subhedar; Editing by Anthony Barker