HONG KONG, March 1 (Reuters) - Chinese property developer Country Garden Holdings said on Thursday it would raise HK$2.14 billion ($275 million) to fund capital expenditure by selling new shares to its controlling shareholder Concrete Win Ltd.
In a filing to the Hong Kong bourse, Country Garden said it will sell 677.19 million new shares at HK$3.23 each, a 7.98 percent discount -- news which helped push down its stock 8.3 percent in early morning trade.
Concrete Win will buy the shares after selling the same amount of existing shares at the same price to third party investors. It and Merrill Lynch International offered shares in Country Garden, with a price range of HK$3.16-HK$3.30 per share, IFR reported on Wednesday.
Concrete Win’s stake will fall to 57.5 percent after the deal from 59.83 percent.
For a statement click here ($1 = 7.7557 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Edwina Gibbs)