Beijing Yanjing Brewery has unveiled further details of its planned private placement.

The brewer, which last week said it would use the sale of additional shares to fund expansion, said today (25 January) that it will issue between 80m and 86m new A-shares to a maximum of ten institutional investors. The shares would be priced at CNY20.95 each, Yanjing said in a filing to the Shenzhen Stock Exchange.

Controlling shareholder the Yanjing Beer Group will buy at least 50% of the issue, with a lock-up period of 36 months, the company said.

The funds - expected to total around CNY17.96bn (US$2.49bn) - will be used to build 11 new facilities, including a raw material processing plant in Xinjiang and in Inner Mongolia, local reports have said.

Beijing Yanjing is the last remaining major independent brewer in China. Speculation over the last couple of years has linked InBev to the company, although nothing has materialised as yet between the two.