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Deals

Tencent, others to buy $516.12 million worth shares in China Evergrande New Energy Vehicle

HONG KONG (Reuters) - China Evergrande New Energy Vehicle Group Ltd 0708.HK said on Tuesday investors including Tencent Holdings Ltd 0700.HK and Sequoia Capital will buy HK$4 billion ($516.12 million) worth of company shares in a share sale.

The electric vehicle unit of property developer China Evergrande 3333.HK said its controlling shareholder plans to sell 176.58 million existing shares, or about 2% of the share capital, to not less than six third-party investors.

The shares will be sold at HK$22.65 per share, representing a 19.96% discount to Monday’s close of HK$28.30. Yunfeng Fund and Didi Chuxing are also among the investors who will buy shares of China Evergrande New Energy Vehicle Group.

The company said it will issue the same number of new shares at the same price to the controlling shareholder after the deal, raising capital for general corporate purposes.

Reporting by Donny Kwok; Editing by Subhranshu Sahu

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