Fuyao Group Glass Industries Co Ltd (600660.SS: Quote, Profile, Research), China's top automotive glass maker, said on Monday it plans to raise more than 3 billion yuan ($420 million) by selling additional shares to fund expansion.
Fuyao Glass plans to sell 100 million yuan-denominated A shares, equal to 10 percent of its current share capital, the company said in a statement to the Shanghai Stock Exchange.
The share sale, which is subject to shareholder approval, would raise about 3.6 billion yuan, based on Fuyao Glass's last share price of 36.97 yuan. The actual figure will be based on the average price during the 20 trading days prior to the release of the share sale document.
The shares were suspended from trade on Monday morning due to the announcement.