Embattled property developer China Evergrande Group said on Monday its listed electric-vehicle arm has agreed to issue new shares to certain subscribers to ease loan burden and improve liquidity as part of its restructuring proposal.
The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photosaid on Monday its listed electric-vehicle arm has agreed to issue new shares to certain subscribers to ease loan burden and improve liquidity as part of its restructuring proposal. will issue an aggregate of 5.44 billion new shares in the unit for HK$3.84 per NEV share, pooling an amount of HK$20.89 billion .
About 4.18 billion NEV shares to be issued to China Evergrande will be deposited into custody accounts under the mandatory exchangeable bonds into NEV shares as well as the NEV Linked New Notes A2 and NEV Linked New Notes C2 to be issued by the company to its creditors. In a separate announcement, NEV said it has agreed to issue 6.18 billion new shares to U.S.-listed NWTN
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