China's leading automaker SAIC Motor (600104.SH) announced late Thursday that it planned to raise no more than 15 billion yuan via private placement to invest in new energy vehicle and telematics projects.
The Shanghai-listed company will issue a maximum of 964 million shares at no less than 15.56 yuan per share. As new energy vehicle projects and telematics projects involve total investment of 7.518 billion yuan and 2.312 billion yuan respectively, the company plans to allocate 7.2 billion yuan and 1.9 billion yuan of the raised funds to invest in the two sectors. Its stock trading will be resumed from Friday.
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