Four Asian private equity and venture capital firms are set to buy shares in Chinese digital measuring device maker Guilin Guanglu Measuring Instrument.
The China-based company announced that it plans to raise RMB710 million ($115m) by selling just under 44.6m shares at RMB15.92 each to Nantong Fuhai Investment, Ningbo Bochuang Jinyong Investment, Shanghai Jingguan Venture and Beijing Guangyuan Lida Investment.
The company will also sell shares to an unnamed individual investor.
Guilin Guanglu makes calipers, micrometers and indicator instruments for use in the medical industry, but plans to use the cash to expand into the culture and media sectors.
Last year, the company bought a digital cable TV business unit from Zhonghui Century Media Group.
According to a regulatory filing, Shenzhen-listed Guilin Guanglu will issue 44.6 million shares apiece to four renminbi-denominated private equity funds:
In another filing Guilin Guanglu announced it has formed a media-focused M&A RMB225m targeting fund with Shenzhen Luqiao Dingyi Private Equity.
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