Huayi Amends Private Placement Plan to Raise $176 Million for Smart Grids

Aug. 31 (Bloomberg New Energy Finance) -- Huayi Electric Co., a Chinese maker of wind turbines and power transmission gear, said it will revise a private placement plan to raise 1.2 billion yuan ($176 million) for wind and smart grid projects.

The Shanghai-traded company increased the number of shares it plans to sell to as much as 98 million from the original 90 million, Huayi said today in a stock exchange filing.

The price of the new shares will be lowered to 12.1 yuan each from 14.2 yuan. The use of the proceeds will remain the same, to fund two smart grid projects and three wind projects including a 3-megawatt wind turbine manufacturing plant, with a total investment of 1.1 billion yuan.

The Zhejiang-based company in February announced its initial plan to raise 1.3 billion yuan from a private placement.

Shares of Huayi declined 1.9 percent to close at 13.29 yuan today.

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