SAIC Motor Corp Ltd<600104>, China's No.1 car maker, announced that it has raised RMB 10 billion ($1.5 billion) through a private placement.
The company said in a statement that it issued 721 million shares at RMB 13.87 apiece to ten institution investors.
Shanghai Runke Industry Co Ltd subscribed RMB 1.32 billion worth of shares, the most among the ten investors, while the automaker's parent SAIC Group purchased RMB 1 billion of shares.
Baosteel Group Corp and Youngor Group Co Ltd<600177> each subscribed at least RMB 1 billion of the shares.
SAIC Motor said earlier that it plans to invest RMB 5.5 billion of the proceeds in its own-brand car projects, RMB 1.2 billion in its commercial vehicle projects, RMB 2.7 billion in the second phase of its research and development center and the remaining in an auto part project.
The company sold a total of 3.3 million vehicles in the first eleven months of this year, 35% more than in the same period of last year, China Knowledge reported earlier.
