JinkoSolar Holding (JKS) said Monday that its Jinko Solar unit plans to issue 1 billion A shares of stock at 1 Chinese renminbi ($0.14) per share in the form of global depositary shares representing 10 shares.
The company said it plans to list the depositary shares on the Frankfurt Stock Exchange in Germany.
The offering will represent not exceed 10% of Jinko Solar's total share capital, JinkoSolar said.
JinkoSolar said its stake in the unit will be 53.26% after the offering, down from 58.59%.
Gross proceeds are expected to be 4.5 billion renminbi. Net proceeds will be used to build and develop a 1 gigawatt power project in the US, develop a 14 gigawatt plant for manufacturing solar panel components, provide working capital, or repayment of debt.
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