Dongfang Electric issues 65 mln A-shares

Dongfang Electric Corp Ltd<600875><1072>, the country's top power equipment maker, badly hit by the May 12 earthquake, announced on Tuesday it raised RMB 1.3325 billion via issuing 65 million new A-shares on Nov. 20, market sources reported.

Of the total, 14.416 million shares were sold to individual investors, while the rest were sold to institutional investors or allocated to existing shareholders, the company said in a filing with Shanghai Stock Exchange.

Proceeds from the new share offering will be used to finance four projects with a combined investment of RMB 3.96 billion, including two wind power plants, technology upgrade at a nuclear power project in Sichuan province, and a manufacturing base for clean generating equipment components.