Shanghai Electric Power plans to raise CNY9.5bn ($1.47bn) through private share placement to diversify its power business.
The company plans to use this funds to acquire nuclear power assets from China Power Investment Group, which will buy CNY2.5bn ($390m) worth of shares.
Shanghai Electric will issue about 1.83 billion shares to a maximum of ten investors at CNY5.21 ($0.81) a floor price per share, reports Reuters.
China, which is building 30 nuclear reactors, has suspended nuclear project approvals following Japan’s nuclear crisis.