Anyang Iron & Steel Inc. plans to issue up to 377.25 million new shares to its parent in exchange for 3.15 billion yuan (US$410.69 million) worth of assets.

The shares will be priced at 8.35 yuan each, the moving average price of Anyang's yuan-denominated A shares during the 20 trading days before the statement, Anyang said. The assets Anyang plans to acquire from its parent, Anyang Iron & Steel Group Co, include a 78.14 percent stake in Yongtong Ductile Cast Iron Pipes Co, all the shares in the group's construction and engineering unit, all the shares in its machinery-equipment-making unit, land-use rights and an iron-smelting blast furnace, Shanghai-listed Anyang Iron said yesterday.