Hitachi plans to raise US$3.4b
Posted: 15 November 2009 1420 hrs

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TOKYO: Japanese high-tech giant Hitachi Ltd. plans to raise some 300 billion yen (US$3.4 billion) this year in a bid to shore up its shaky finances and for investments, a report said on Sunday.

Hitachi, which makes everything from refrigerators to nuclear power systems, will secure about 200 billion yen through a public offering of common shares, and the rest by floating convertible bonds, the Nikkei newspaper said.

Hitachi aims to stabilise its finance to continue working with power utilities and railway operators, whose orders play out over extended periods of time, the Nikkei said.

Money is needed to turn around the ailing auto equipment unit, and to bolster information technology operations, the newspaper said.

It would be the first time Hitachi has raised capital through a public offering since 1982, it said.

- AFP/sc