HONG KONG, Sept 7 (Reuters) - Shenzhou International Group Holdings Ltd said on Thursday two key shareholders will sell shares worth HK$3.22 billion ($410 million) in a private placement to institutional and other investors.
The maker of knitwear products said the shares will be priced at HK$58.60 each, a 7 percent discount to its Wednesday’s close of HK$62.85.
That is near the bottom of an indicative price range of HK$58.50-HK$60.50 reported by Thomson Reuters publication IFR.
Controlling shareholder Keep Glory Ltd will see its stake cut to 46.52 percent from 49.99 percent on completion of the deal. Fairco Group Ltd’s stake will be cut to 5.46 percent from 5.66 percent.
The deal is expected to close on Sept. 11.
$1 = 7.8249 Hong Kong dollars Reporting by Donny Kwok; Editing by Edwina Gibbs