SINGAPORE, Jan 10 (Reuters) - A unit of Singapore state investor Temasek Holdings Pte Ltd will raise $687 million through the sale of its 10.3 percent stake in Thai telecommunications firm Shin Corp, IFR reported.
Cedar Holdings will sell 330 million Shin Corp shares at 63.25 baht each, which would raise 20.87 billion baht ($687 million), IFR reported. Its term sheet, seen by Reuters, had an indicative price of 62.75 to 63.75 baht per share.
Cedar’s stake in Shin Corp will fall to 13.3 percent from 23.6 percent as a result of the sale.
Credit Suisse and Morgan Stanley were joint bookrunners, IFR said. ($1 = 30.3850 Thai baht) (Reporting by S. Anuradha; Editing by John O‘Callaghan)