Hitachi Hopes To Rake In $3.9B With Stock Sale

Law360, New York (December 7, 2009, 7:33 PM EST) -- Technology and electronics giant Hitachi Ltd., which is facing an annual loss for the fourth consecutive year, said Monday that it planned to raise up to 349.3 billion yen ($3.9 billion) through a public share offering and a convertible bond issue.

The company — which is Japan’s largest electronics group by sales and fourth-largest by revenue — said it intended to use the proceeds from the offering to fund capital expenditures of 220 billion yen ($2.5 billion) to strengthen its social innovation business.

Hitachi also plans...
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