Trina Solar prices offering at $20.25 per ADS

By The Associated Press

China's Trina Solar priced an offering of 7.9 million American depositary shares at $20.25 each on Friday.

The company plans to use the net proceeds of the offering to boost manufacturing capabilities for photovoltaic cells and modules and also for research and development.

Yet Trina already has about 118 million shares outstanding and the announcement Thursday that it would issue more sent shares tumbling 11 percent.

In premarket trading, shares of Trina Solar Ltd. dipped another 29 cents to $20.25.

Trina said it expects net proceeds of about $152.6 million, or $175.6 million if its underwriters buy 1.185 million additional shares available to them.

Each ADS -- a security designed to allow investors to trade shares of companies based overseas -- represents 50 ordinary shares of the company.