August 31 -- Xinjiang Tecon Animal Husbandry Bio-Technology (002100.SZ) intends to raise 539 million yuan by issuing up to 60 million shares at a minimum issue price of 11.17 yuan per share to fund the construction of a bio-pharmaceutical industrial park and improve production lines for foot and mouth disease vaccines, reports Yicai.com, citing a company filing.

The 60 million shares will be issued to 10 designated investors, including the company’s actual controller Xinjiang Tecon Holding Group.

The private placement has not yet been approved at the company’s shareholder meeting.

Tecon was founded in 2000 and listed in 2006. The Urumqi-based firm produces animal feed, feed additives and veterinary medicine.