CDL Hotels International has launched a $406 million placement and subscription of shares at $2.295 each. The transaction, arranged by Baring Brothers, is at a 4.1 per cent discount to the $3.05 at which the hotel group's shares closed yesterday. The shares placed, 6.6 per cent of the issued share capital or six per cent of the enlarged share capital, are existing ones owned by Singapore-listed City Development. The hotel group and City Development have agreed to subscribe to 140 million new shares at the same price as those placed by City Development. ''The proceeds of the issue of the new shares receivable by the company will be used to finance or refinance hotel acquisitions and for general working capital purposes,'' said CDL. City Development owns 52.6 per cent of the issued share capital of the group. After the transaction, CDL and its subsidiaries are expected to hold 51 per cent of the enlarged issued share capital of the group. The group has given an undertaking to Baring Brothers that unless the merchant bank agrees, it will not hold more than 51 per cent of the group. It is understood the existing shares have gone to independent third-party investors. The group announced a 66.3 per cent increase in net profit to $105.92 million for the six months to June 30. Earnings per share rose 34.4 per cent to 7.78 cents and a two-cent dividend was declared. CDL's main assets are a 72.8 per cent stake in the Grand Hyatt in Taipei, and the wholly owned Orchid Hotel in Singapore. It also has interests in Malaysia, Britain, the Philippines, Hong Kong and New Zealand. According to The Estimate Directory net profit for the year to December 31 is forecast to be $241 million, up 62 per cent, with earnings per share at 17 cents, up 21 per cent. The dividend is expected to be six cents, from four cents last year. The total number of shares in issue shown by Corporate International is 3.04 billion. In April 1992 the group made a five-for-eight rights issue at $1.44.