Nanjing Iron Steel Co., Ltd. (600282.SH) announced on late Monday that it will issue no more than 1.578 billion shares via private placement to raise a maximum of 4.529 billion yuan.
The proceeds will be used for a highly-efficient gas electric power generation project, a plate full-flow intelligent customization and distribution project, a new material research project and others.
The listed company will invest about 1.326 billion yuan in the highly-efficient gas electric power generation project with a 24-month construction period. When being completed and put into service, it will likely realize 543 million yuan of operating revenue and 201 million yuan of net profits annually. The plate full-flow intelligent customization and distribution project will require an investment of about 1.7 billion yuan. Under the project, the company will transform and upgrade the existing plate production involving product R D, production management, quality analysis, automatic control and IT application, logistics management and equipment management. It will take 36 months to complete the project construction. After being put into service, it will likely generate 218 million yuan of after-tax profits annually.
Meanwhile, the company will invest 153 million yuan on the new material research project. Of the proceeds, 1.35 billion yuan will be used to repay bank loans to improve its capital structure, said the company.
Latest comments