(4 out of 5)
ReneSola to sell 8.15M ADSs, holders to sell 850,000 ADSs
SAN FRANCISCO (Thomson Financial) - ReneSola Ltd. filed late Friday to offer 9 million American depositary shares.
The China-based solar wafer company said it is selling roughly 8.15 million ADSs, and shareholders are selling around 850,000 ADSs.
Each ADS represents two ordinary shares.
The selling shareholders have granted the underwriters an option to purchase up to 1.35 million ADSs to cover any over-allotments.
ReneSolsa expects to use $70 million from the proceeds to expand its solar wafer manufacturing facilities and purchase additional equipment for its wafer capacity expansion plan in 2008 and 2009; roughly $100 million to invest in polysilicon manufacturing production in 2008 and 2009; and the remaining amount for general corporate purposes.
The company will not receive any of the proceeds from the sale of ADSs by the selling shareholders.
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