Ryoden to raise $378m

Ryoden Development is to raise $378 million in a placement and subscription deal.

The company's major shareholder, the Hu family, will place 108 million existing Ryoden shares at HK$2.10 each to independent investors.

The family will then subscribe for 180 million new shares at the same price.

The placing and subscription price represents a 7.69 per cent discount to yesterday's close of $2.275.