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Updated Tuesday, December 8, 2009 11:04 am TWN, Bloomberg

Hitachi sells US$3.9 bil. in stock, bonds for capital

TOKYO -- Hitachi Ltd., Japan's fourth-largest company by revenue, sold 350.7 billion yen (US$3.9 billion) in shares and convertible bonds to increase capital, help fund new businesses and pay off debt. The unprofitable maker of vacuum cleaners and nuclear reactors sold 1.09 billion shares at 230 yen each, or 3.4 percent less than Monday's closing price, Tokyo-based Hitachi said in a statement. The company had planned to sell the stock at a discount of 3 percent to 5 percent, according to an e-mail sent to investors by one of arrangers last month. Hitachi also sold 100 billion yen of bonds convertible into stock.

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