Japanese utility Kansai Electric Power plans to raise 504.9 billion yen ($3.3 billion), which includes a public offering of about 148 million new shares, it said on Wednesday.
The pricing of the new shares will be determined between Nov. 26 and 29, and the fundraising also includes the sale of treasury shares and a greenshoe option, it said.
The company plans to use 239.9 billion yen to improve energy efficiency and for decarbonisation, while some other funds would be used for data centres, renewable energy and overseas investments, among other purposes, it said.
Any remaining funds by end-March 2028 would be used to repay loans.
Kansai Electric last month posted a 38% decline in net profit for the six months to September because of delays in adjusting power prices to reflect fuel price changes, despite some progress seen in its nuclear power utilisation levels.
Reuters