Anta Sports Products is seeking to raise HK$11.8 billion (U.S.$1.5 billion) from a stock placement to reduce debt.
According to a stock exchange filing on Tuesday, the China-based sportswear manufacturer plans to issue 119 new shares at HK$99.18 each to entities linked to its founder and controlling shareholder Ding Shizhong, according to a stock exchange filing on Tuesday, representing an 8.8 percent discount to Anta’s last-traded price.
The sale is a top-up program following Ding’s placement of the same stake at the same price to outside investors.
The company intends to use the net proceeds from the subscription to repay debt and for general working capital purposes.
Citigroup, Morgan Stanley and UBS are arranging the transaction.
