UPDATE - GCL-Poly raises USD 85.4m in share sale

Chinese polysilicon and wafer maker GCL-Poly Energy Holdings Ltd (HKG:3800) raised HKD 669.1 million (USD 85.4m/EUR 76.1m) net in a share placing, it said today.

The proceeds will go to repay existing borrowings and for general corporate needs.

The company sold, with the help of UBS AG Hong Kong Branch as placing agent, 1,511 million shares at a price of HKD 0.45 apiece. This was a discount of 8.2% to the average closing price of GCL-Poly’s stock for the last five trading days up to and including June 10.

The newly sold shares represent 7.62% of the company’s capital as enlarged by the placement.

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