Zhejiang Biyi Electric Appliance (SHA:603215) plans to raise net proceeds worth 482.5 million yuan through a share placement plan, according to a Shanghai bourse filing on Wednesday.
The net proceeds will be used to fund nearly half of the construction of the smart kitchen appliances in Zhongyi Industrial Park.
The heating kitchen electrical products manufacturer plans to issue up to 56,384,385 shares, but the final number is yet to be determined.
The company's shares rose 1% during the afternoon trade.
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