Chinese solar power company Trina Solar Ltd. said it plans to offer 7.9 million American depositary shares, each representing 50 ordinary shares of the company.
On Wednesday, the company said it intends to grant the underwriters an option to purchase up to additional 1.185 million American depositary shares, which are securities designed to allow investors to trade shares of companies based overseas.
Trina Solar plans to use the net proceeds of the offering to expand manufacturing facilities for the production of photovoltaic cells and modules, for research and development purposes and for downstream projects and general corporate purposes.
ADS shares of Trina Solar fell $1.50, or 6.5 percent, to $21.58 in morning trading.
