(Reuters) -Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology said on Thursday it will issue shares worth HK$8.51 billion ($1.09 billion) to Stellantis NV.
Zhejiang Leapmotor will issue 194.3 million Hong Kong shares to Stellantis for HK$43.8 per share, a premium of 19% to its last close of HK$36.80.
After the subscription, Stellantis will own about 21.07% of Zhejiang Leapmotor’s total issued Hong Kong shares.
The EV maker also announced the formation of a joint venture with Stellantis, in which the Chrysler parent will own a 51% stake.
($1 = 7.8215 Hong Kong dollars)
(Reporting by Sameer Manekar in Bengaluru; Editing by Devika Syamnath)
