Baotou Steel to raise up to $913 million in private offering

none@none.com (Syed Murtaza Gheblehzadeh) — Sat, 12 Mar 2011 09:14:08 +0500

SHANGHAI: China's Inner Mongolia Baotou Steel Union plans to raise up to 6 billion yuan, or $913 million, in a private placement of shares, the firm said in a statement to the stock exchange on Saturday. Baotou Steel Union will issue 1.63 billion shares at 3.68 yuan each to a select pool of 10 investors. The acquisition will be used to buy two mining operations from parent Baotou Steel.

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Baotou Steel to raise up to $913 million in private offering