Grace Fabric Technology (SHA:603256) plans to raise up to 994.6 million yuan from a share placement, according to a Wednesday disclosure on the Shanghai bourse.
The Chinese glass fabric products company will issue up to 263,918,250 shares, or 30% of the company's total shares, to up to 35 investors.
The funds will be used for the construction of a fiberglass yarn production line and a special glass fiber research and development center, as well as to supplement the company's working capital and pay its debt.
The company's shares rose less than 2% during the afternoon trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments