CNR Corp in 7.1b yuan rights issue bid

CHINA CNR Corp, the nation's second largest train maker, said it plans a rights issue to raise up to 7.1 billion yuan (US$ 1.13 billion) to fund research and manufacturing expansion.

The Beijing-based company proposed to issue up to 2.075 billion A shares – 2.5 new shares to shareholders for every 10 held – at 3.42 yuan apiece, according to a filing to the Shanghai Stock Exchange.

The subscription price represents a 24.7 percent discount to CNR's close of 4.54 yuan yesterday. The stock rose 1.32 percent today.

China's high-speed railway sector suffered a setback last year after the government slowed investment and project approval following a fatal crash in Wenzhou, Zhejiang Province, in July.

The rights issue has been approved by the China Securities Regulatory Commission. China International Capital Corp and UBS Securities are the lead underwriters for the sale, CNR said.

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