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NVC Lighting Discount 2.4% Rights Issue 205 Million
The Directors have considered various ways of raising additional capital for future use and consider that the issue of the Subscription Shares is a suitable way for the Company to raise additional capital as the Company can broaden its capital at a lower cost than bank borrowing or debt securities issuance. The Group's financial position will also be improved, which will help the Group to establish and strengthen existing and future businesses. NVC Lighting announced that it will place a total of 257 million new shares to Caisheng Co., Ltd. at a price of 0.8 yuan per share. The placement price is 2.44% discount to yesterday's closing price. The net fund raising amount is 205 million yuan, which is intended to be used for general corporate purposes, business development and working capital requirements. Upon completion, Caisheng Co., Ltd. will increase its shareholding from 4.05% to 10.48% and become a major shareholder of the company. The Directors have considered various ways of raising additional capital for future use and consider that the issue of the Subscription Shares is a suitable way for the Company to raise additional capital as the Company can broaden its capital at a lower cost than bank borrowing or debt securities issuance. The Group's financial position will also be improved, which will help the Group to establish and strengthen existing and future businesses.