SDIC Power plans to raise no more than 7 billion yuan through a private placement to the National Social Security Fund, with an issuance price of 12.72 yuan per share
SDIC Power plans to conduct a targeted A-share issuance to the National Social Security Fund, raising no more than 7 billion RMB at an issue price of 12.72 RMB per share. This issuance will make the Social Security Fund a shareholder with more than 5% ownership, constituting a related party transaction. The planned number of shares to be issued is 550,314,465 shares, and the funds raised will be used for clean energy projects, with 4.5 billion RMB allocated to the Mengdigou Hydropower Station and 2.5 billion RMB allocated to the Kara Hydropower Station
According to the news from Zhitong Finance and Economics APP, SDIC Power (600886.SH) disclosed a plan to issue A-shares to specific objects in 2024, with the National Social Security Fund Council ("Social Security Fund") as the issuer. The issuance object is the Social Security Fund, which will subscribe to the company's shares in RMB cash. Based on the planned number of shares to be issued in this issuance, the Social Security Fund will become a shareholder holding more than 5% of the company's shares after the issuance, thus becoming a related party, making this issuance a related transaction.
The issuance price for this issuance is RMB 12.72 per share. The number of shares to be issued in this issuance is determined by dividing the total amount of funds raised by the issuance price, with a planned issuance of 550,314,465 shares, not exceeding 30% of the company's total share capital before this issuance. The planned fundraising amount for this issuance is not more than RMB 7.0 billion, and the net proceeds from the fundraising after deducting relevant issuance expenses will be used entirely for clean energy project construction, as follows: RMB 4.5 billion for the Mengdigou Hydropower Station project, and RMB 2.5 billion for the Kara Hydropower Station project