China Evergrande's EV firm attracts investors to raise $3.4 billion

China Evergrande New Energy Vehicle Ltd will issue 952.4 million shares at HK$27.3 each to the new investors.The price offers a 9% discount to Friday'
...
Representational photo
Representational photo

Property giant China Evergrande's Hong-Kong listed electric vehicles firm said on Sunday it would bring in six new investors to raise HK$26 billion ($3.4 billion) to fund technology research and repay debt.

China Evergrande New Energy Vehicle Ltd will issue 952.4 million shares at HK$27.3 each to the new investors who include China Gas Chairman Liu Minghui and Chan Hoi-wan, spouse of Joseph Lau who is a Chinese Estate shareholder, the firm said.

Also check these Vehicles

Find more Cars
Mg 4 Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon64kWh Range Icon350 km
₹ 30 - 32 Lakhs
Alert Me When Launched
Tata Sierra Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon69 kWh Range Icon420 Km
₹ 25 - 30 Lakhs
Alert Me When Launched
Tata Harrier Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon50 kWh Range Icon400 Km
₹ 22 - 25 Lakhs
Alert Me When Launched
Honda Elevate Ev (HT Auto photo)
UPCOMING
₹ 18 Lakhs
Alert Me When Launched
Tata Punch Ev (HT Auto photo)
BatteryCapacity Icon35 Kwh Range Icon421 km
₹ 10.99 - 15.49 Lakhs
Compare
View Offers
Mg Comet Ev (HT Auto photo)
BatteryCapacity Icon17.3 kWh Range Icon230 km
₹ 7.98 - 9.98 Lakhs
Compare
View Offers

Also Read : China to cut new energy vehicle subsidies by 20% next year

The price offers a 9% discount to Friday's close of HK$29.90, the company said in a filing to the Hong Kong bourse.

The other four new investors are Cosmic Success Holdings Ltd, Upper World Ltd, Heyirong International Trade Co. Ltd and Greenwoods Global Investment Ltd.

China Evergrande, the country's most indebted property developer, has been scrambling for cash as Beijing plans new debt-ratio caps to tackle what it considers excessive borrowing in the real estate development sector.

Also Read : Electric car maker BYD raises $3.9 billion in upsized sale

The company's balance of interest-bearing indebtedness was 716.5 billion yuan ($110.6 billion) at the end of 2020, down 157.8 billion yuan from March. The developer said it targets to reduce the balance by a further 150 billion yuan this year.

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.

First Published Date: 24 Jan 2021, 17:54 PM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city
Select a dealer

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.