Brilliance China Automotive's controlling shareholder last night reduced its stake in the Chinese car and minibus maker to 45.4% from 55.4% through a share placement, raising HK$1.125 billion $145 million in the process.
The fully underwritten deal, which accounted for about 11 days' worth of trading volume, was well received by investors despite a massive rally in the share price over the past two months, allowing sole bookrunners J.P. Morgan to use the 25% upsize option in full. The trade-off was that the price had to be kept towards the low end of the offering range, but in light of the fact that the share price has tripled from a recent low...
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