(Adds details in paragraphs 2-5)

Oct 23 (Reuters) -

Hong Kong-listed China Resources Power Holding said on Wednesday it was planning to raise HK$3.89 billion ($500.50 million) via share placement to repay its debt and for corporate management purposes.

The power plant operator will place 198.5 million shares, representing more than 4% of its total share capital, at a price of HK$19.70 per share.

The placing price is at a discount of 5.1% to the stock's last closing price of HK$20.75 on Oct. 22.

In a separate deal, the company said it will issue 168.1 million shares to its controlling shareholder China Resources (Holdings) under a subscription agreement for HK$3.31 billion.

The placement, which is conditional on approval from listing committee among others, will enable the company to optimise its capital structure and support future growth, China Resources Power said.

($1 = 7.7722 Hong Kong dollars)

(Reporting by John Biju in Bengaluru; Editing by Rashmi Aich)

((John.Biju@thomsonreuters.com;))