China Construction Bank mulls raising funds

Source says lender’s board may place $6bln worth of shares and rights issue to meet target.

China Construction Bank Corp. (0939.HK) is holding a board meeting Friday to discuss its fund-raising plans, a person familiar with the situation told Dow Jones Newswires Friday.

The person, who declined to be named, said the bank may place more than CNY40 billion ($5.86 billion) worth of yuan-denominated A shares and may also consider a rights issue in Hong Kong.

Central Huijin Investment Ltd., the domestic investment arm of China's sovereign wealth fund and a major shareholder of the bank, may inject more capital into the lender so that its holding isn't diluted, the person said.

But he added the fund-raising plans aren't final.

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