Hebei Steel to issue 3.8 billion shares to fund Hanbao Steel purchase

Chinese steel producer Hebei Iron and Steel Group (Hebei Steel) has announced that it is planning to issue 3.8 billion shares at a price of RMB 4.28 ($0.677) per share, with the total funds raised from the share issuance not to exceed RMB 16.92 billion ($2.677 billion).
 
Hebei Steel stated that it will use the funds in question to acquire 100 percent of shares of Hanbao Iron and Steel Co. (Hanbao Steel), subsidiary of Handan Steel Group.