Baoshan to discount new shares

Shanghai A-Share Baoshan Iron & Steel said its proposed share sale to raise several billion US dollars for acquisitions will be at a 15-20% discount. The company could sell up to 5 billion shares based on a discount to the average price over the last 30 days of trade. Forty percent of shares are to be sold to shareholders — on the basis of 10 new shares for every 10 already held — and strategic investors, the remainder to parent Shanghai Baosteel Group.