China's Industrial Bank allowed to issue more shares

Industrial Bank Company Limited can now issue no more than 1.92 billion additional A shares to specific investors.

The floating can help meet the lender's core capital demand in the coming two years, and the introduction of strategic investors can upgrade the bank's management standards, according to the bank.

The China Securities Regulatory Commission gave the approval according to the bank's report filed to the Shanghai Stock Exchange.

The bank planned to raise about 24 billion yuan (3.81 billion U.S. dollars) through issuing shares to five investors, including the People's Insurance Company (Group) of China (PICC), PICC Property and Casualty Company Limited (PICC P&C) and PICC Life Insurance Company Limited, the bank said in a previous report.

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