(Reuters) – Embattled property developer China Evergrande Group on Monday said its listed electric vehicle arm has agreed to issue new shares to certain subscribers to ease loan liabilities and improve its liquidity as part of its restructuring proposal.
Under the terms, China Evergrande New Energy Vehicle Group (NEV) will issue an aggregate of 5.44 billion new shares in the unit for a subscription price of HK$3.84 per NEV share, pooling an amount of HK$20.89 billion ($2.67 billion).
($1 = 7.8191 Hong Kong dollars)
(Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal)
