Jul. 29 -- Chinese thermal power company Shanghai Electric Power plans to raise 9.5 billion yuan ($1,47 billion) via a private share placement, in a move to diversify its power business, the company said on Thursday.
The funds will be mainly used to acquire related nuclear power assets from its shareholder China Power Investment Group, one of China's top power entities, which will buy at least 2.5 billion yuan in the share sale, it said in a filing to the Shanghai Stock Exchange.
China, which heavily relies on thermal power, is building nearly 30 nuclear reactors, roughly 40 percent of the global total under construction.
China has suspended nuclear project approvals after the Japan's nuclear crisis, but experts expect it to develop its nuclear power sector more efficiently in coming years.
Shanghai Electric will issue up to 1.83 billion shares to a maximum of 10 investors at a floor price of 5.21 yuan per share, the company said.
The company has suspended trading of its shares since May 31 when they closed at 5.76 yuan.