Two shareholders in China Construction Bank (CCB) are seeking to raise up to $1.22 billion by selling down stakes, IFR reported on Tuesday, citing a term sheet.

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Cairnhill Investments and Crescent Investments were offering 1.5 billion shares in a range of HK$6.22-6.35 (80-82 cents) each, IFR, a Thomson Reuters publication, said.

CCB shares closed Tuesday at HK$6.48 each.

Morgan Stanley was the sole arranger.