Money

ABC to exercise greenshoe option for Shanghai shares

(Agencies)
Updated: 2010-07-08 10:54

Agricultural Bank of China will exercise an overallotment option for the Shanghai portion of its initial public offering, a source with direct knowledge of the deal said on Wednesday.

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The 15 percent in additional shares will bring the total number of Shanghai shares on offer to 25.57 billion yuan-denominated A-shares.

The shares will be sold at 2.68 yuan (40 cents) apiece, the source said, bringing the total value of the Shanghai offering to 68.5 billion yuan .

AgBank, the last of China's "big four" state banks to go public, is selling shares in Shanghai and Hong Kong to replenish capital and drive growth.