(ATF) – Industrial Bank (601166. SH) will sell 563 million restricted shares on April 7, accounting for 2.71% of the company's total share capital. Based on the latest closing price, the listed market value of the equity exceeds 9 billion yuan ($1.29bn), according to an announcement by the bank.
The sale represents equity that the company decided to expand three years ago, when the price was 15.10 yuan. Since the formation of this restricted share sale, the company has had no issues such as allotment of shares or conversion of common reserve fund to share capital, and the amount of the company's share capital has remained unchanged.
The latest share price of the bank is 16.06 yuan/share, and the relevant shareholders are expected to gain less than 10% from the increase in share price for three years.
Overseeing the listing are Sun Holding and Fujian Investment and Development Group.