EV maker BYD Co raises $1.77 billion

Chinese electric vehicle company BYD Co has priced its shares at HK$276 each to raise $1.77 billon, according to a term sheet seen by Reuters on Saturday.

The deal for 50 million new shares launched after the Hong Kong market closed on Friday.

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BYD did not immediately respond to a request for comment.

The price was a 6.9% discount to BYD`s closing price on Friday of HK$296.6. It is in the middle of the range BYD had flagged, between $HK273.5 and $279.5, which represented a 5.8%-7.8% discount.

The company, listed on the Hong Kong and Shenzhen stock exchanges, said in a term sheet when the deal launched it would use the funds to increase its working capital, pay down debt and invest in research and development.

BYD said on Thursday its net profit fell 27.5% for the three months through September to 1.27 billion yuan ($198.54 million) from 1.75 billion the same quarter last year.