China Knowledge reported that Guodian Nanjing Automation Co Ltd has secured approval from the China Securities Regulatory Commission to raise up to CNY 780 million.

The Shanghai-listed company said earlier that it plans to issue up to 46 million new shares at CNY 21.55 apiece through a private placement. Proceeds from the deal will be used to fund seven projects, including an electronics transformer project and a project for intelligent substation automation system.

In the first three quarters of this year, the company net profit rose 7.89%YoY to CNY 42.58 million and its core business revenue climbed 7.78%YoY to CNY 1.38 billion.

(Sourced from China Knowledge)