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Investing.com -- Chinese tech giant Xiaomi (OTC:XIACF) Corp has plans to raise up to $5.27 billion in a top-up placement that took place on Monday, Reuters reported.
The details came from a term sheet, which also revealed that the shares are being sold in a price range of HK$52.80 to HK$54.60.
Xiaomi, known for its smartphones, started manufacturing electric vehicles (EVs) last year. The company is selling 750 million Class B shares, and the price range represents a 4.2-7.4% discount to the firm’s HK$57 closing price on Monday.
The funds raised from this placement are set to be used for a variety of purposes. These include business expansion, investment in research and technology development, and general corporate purposes, according to the term sheet.
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