Jun. 29, 2012 (China Knowledge) - Industrial Bank Co Ltd<601166>, a Fujian Province-based bank partly owned by HSBC Holdings Plc<0005>, announced yesterday that it has received approval from the China Banking Regulatory Commission to raise up to RMB 24.38 billion through a private placement.

The fund-raising size was less than the RMB 26.3 billion the lender announced in March.

The company said in a statement that it would issue up to 1.92 billion shares in the deal, down from the 2.07 billion shares in its original plan.

According to the new plan, PICC Asset Management Co Ltd will subscribe 1.38 billion shares, China National Tobacco Corp will subscribe 409 million shares, and Shanghai Zheng Yang International Business Co Ltd will buy the remaining 126 million shares.

The bank's net profit grew 58.74% YoY to RMB 8.29 billion in the first quarter of this year.