NARI Technology to raise up to RMB 760 mln for 6 projects

Sep. 21, 2009 (China Knowledge) - NARI Technology Development Ltd Co<600406>, a software and hardware producer serving the power industry, today announced that it plans to issue up to 26 million shares to less than ten investors for RMB 760 million at most or RMB 30.94 per share to fund six new projects, sources reported.

According to a statement released by the Shanghai-listed firm, it will invest RMB 75 million of the proceeds from the issuance in the construction of a transportation control center and will invest RMB 110 million in an automatic train supervision project. 

The remaining RMB 575 million or 75.6% of the proceeds will be injected into another four projects all related to smart power grids. The company intends to spend RMB 120 million on the development of an automatic system of transformer substations, RMB 167 million on information acquisition, RMB 168 million on wind power generators and RMB 120 million on an operation control system.

Reportedly, state-owned State Grid Corp of China, which was founded by the State Council, in May set out an RMB 200-billion plan to build a smart power grid.