Jiangxi Province-based Chinese steelmaker Xinyu Iron and Steel Co. (Xinyu Steel) has announced that it will issue not in excess of 302 million non-public shares at a price of not less than RMB 5.82 ($0.88) per share to raise funds not exceeding RMB 1.76 billion ($0.27 billion) in value.
In particular, RMB 1.26 billion ($0.19 billion) of the raised funds will be used to construct a comprehensive gas utilization and power generation project for the company, while RMB 500 million ($75.99 million) will be used to repay loans.