BYD Company Limited (OTC:BYDDF), the world’s leading electric vehicle manufacturer for three consecutive years, and Tesla Inc (NASDAQ:TSLA) rival announced a significant capital raise through a placement of new H shares to fund its ambitious global expansion plans and research initiatives.
What Happened: The Chinese EV giant entered into a placement agreement on Mar. 3 to issue 129.8 million new H shares at HK$335.2 ($43.58) per share, according to a company announcement. The placement, representing approximately 4.46% of BYD’s total issued shares, is expected to generate net proceeds of approximately HK$43.38 billion ($5.64 billion).
The placement price represents a 7.8% discount to Monday’s closing price of HK$363.6 on the Hong Kong Stock Exchange.
Goldman Sachs, UBS, and CITIC …
