Hitachi To Raise Up To Y415 bln From Share, Bond Issuance

Hitachi Ltd., the Japanese electronics conglomerate, announced that it will raise up to 415.67 billion yenm ($4.5 billion) from an issuance of new shares and convertible bonds to fund capital outlays and pay back its loans. Hitachi said it will issue 1.09 billion new shares to the public with an additional offering of 60 million new shares in case of excessive demand. The combined number of new shares accounts for as much as 34% of Hitachi's current shares outstanding.