UPDATE 1-China TCL share placement to raise $249 million

Tue Jul 15, 2008 4:18pm IST

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(Rewrites with details, background)

SHANGHAI, July 15 (Reuters) - Chinese television and mobile phone maker TCL Corp (000100.SZ) said on Tuesday it would raise 1.7 billion yuan ($249 million) via a share placement in order to expand production of televisions using liquid crystal displays.

The company said it would place between 200 million and 440.62 million new A-shares with as many as ten investors including its chairman, Li Dongsheng.

The issue, equivalent to as much as 17 percent of the company's existing share capital, would be priced at no less than 3.85 yuan per share, a 12 percent discount to the firm's last market price of 4.36 yuan.

TCL said it would spend the money on one production line for LCD televisions with screens of up to 42 inches, and another line making TVs with screen sizes up to 56 inches. ($1 = 6.82 Yuan) (Reporting by Sophie Taylor; Editing by Andrew Torchia)

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