-- Dalipal (HKG:1921) plans to raise about HK$385.2 million in net proceeds through a share placing and top-up subscription, according to a Tuesday Hong Kong bourse filing.
Controlling shareholder Rosy Astral Limited will place up to 74.3 million shares at HK$5.28 each to not fewer than six investors on a best-efforts basis.
Rosy Astral is 80.6% owned by Dalipal Chairman Meng Fanyong and 19.4% by his son YX Meng, an executive director of the company.
The placing represents about 4.93% of the company's existing issued share capital.
Dalipal will issue the same number of new shares to the seller under a top-up subscription at the same price.
Net proceeds will be used for general working capital and corporate purposes.
Shares of the smart and green manufacturing firm were down over 7% in Tuesday morning trade.