Shenzhen Property and Resources Development (Group) said it would raise $18.87 million from its one-for-10 rights issue on B shares. The firm said the $6.29-per-share rights issue would require the creation of three million shares. The rights price was at a 10.1 per cent discount on the stock's B-share close of $7 on Friday. Agreement with South China Brokerage (China) was struck on Monday for the underwriting of the three million B shares. The property and development company's planned rights issue came in the face of the current market doldrums, with some firms having either cancelled or delayed their rights-issue proposals. The firm said the proposed rights issue for both A and B shares was passed during the company's shareholders' meeting on April 28. Shareholders also approved the company's plan to pay a bonus issue on a three-for-10 basis, the company said. On its A-share rights issue, 193.4 million yuan (officially HK$260.89 million) was expected to be raised. The rights issue, also on a one-for-10 basis, will create 22.75 million new A-share rights, to be subscribed at 8.5 yuan per share. The rights price represents a 50.7 per cent discount on the stock's A-share close of 17.25 yuan on Friday. The A-share underwriter is Shenzhen Trust and Investment Corp of the Industrial and Commercial Bank of China.