China Integrated Energy to raise biodiesel funds

China Integrated Energy plans to sell 8 million shares of the company's stock in a public follow-on offering in order to fund the expansion of its biodiesel production capacity, wholesale distribution and retail gas station businesses, and working capital and general corporate purposes.

The oil and gas company said it plans to grant the underwriters of the offering an option to buy up to 1.2 million more shares to cover over-allotments, if any. Oppenheimer & Co. will act as the sole book-running manager for the offering.