Apr. 28, 2009 (China Knowledge) - Dongfang Electric Corp Ltd<600875><1072>, the country's top power equipment maker, plans to issue up to 145 million shares to not more than 10 institutional investors, including its largest shareholder Dongfang Electric Corp (DEC), to raise up to RMB 5 billion, sources reported.
DEC will subscribe not less than 30 million shares in the Shanghai and Hong Kong dual listed company to be issued this time, including at least 50% of the company's A-shares.
The proceeds will be used to finance the post-quake reconstruction of Dongfang Electric's Hanwang turbine plant and the R&D of nuclear power and wind power equipment.
The placement plan is still subject to the approval of the China Securities Regulatory Commission (CSRC), said Dongfang Electric.
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