(March 3): Electric-vehicle maker BYD Co is seeking to raise as much as HK$40.7 billion (RM23.37 billion) in a primary placement, according to terms of the deal seen by Bloomberg News.

The company is offering 118 million shares at HK$333 to HK$345 apiece, the terms show. That reflects a discount of up to 8.4% to BYD’s closing price of HK$363.60 on Monday, according to Bloomberg calculations.

The company plans to use proceeds from the offering for research and development, expanding its overseas business, supplementing its working capital and for general corporate purposes, according to the terms.

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