SAIC says to raise $1.5 bln in share placement

Newswire

SHANGHAI, June 24 (Reuters) - SAIC Motor Corp , China's biggest automaker, said on Thursday it will raise up to 10 billion yuan ($1.5 billion) through a share placement. SAIC, which operates manufacturing ventures with General Motors [GM.UL] and Volkswagen , will issue new shares to no more than 10 select investors, including its state parent. It will issue the shares at no less than 11.47 yuan per share, equivalent to a 4.8 percent discount to its last traded level. The shares closed at ...

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