Feb. 7, 2012 (China Knowledge) - Huadian Power International Corp<600027
>, China's largest independent power producer, announced yesterday that it has received approval from the China Securities Regulatory Commission
to raise up to RMB 1.9 billion through a private placement.
The power producer said earlier that it plans to issue up to 600 million A shares at a price of at least RMB 3.00 apiece to not more than ten investors.
Major shareholder China Huadian Corp intends to subscribe between 60 million and 90 million A shares.
Proceeds from the offering will be used to fund project construction and replenish the firm's working capital.
Huadian Power International said last week that China Huadian Corp would transfer its conventional power assets to the subsidiary within five years.