Baotou Steel to raise up to $913 mln in private offering

Sat Mar 12, 2011 3:48am GMT

SHANGHAI, March 12 (Reuters) - China's Inner Mongolia Baotou Steel Union plans to raise up to 6 billion yuan, or $913 million, in a private placement of shares, the firm said in a statement to the stock exchange on Saturday.

Baotou Steel Union will issue 1.63 billion shares at 3.68 yuan each to a select pool of 10 investors. The acquisition will be used to buy two mining operations from parent Baotou Steel. ($1=6.574 Yuan) (Reporting by Melanie Lee; Editing by Clarence Fernandez,sourced:Thomson Reuters)

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