(Yicai Global) Sept. 28 -- Jilin-based electrical equipment maker Nuode Investment Co. [SHA:600110] plans to raise up to CNY2 billion (USD300 million) through a non-public offering for the construction of an electrolytic copper foil plant with an annual capacity of 25,000 tons.

Electrolytic copper foil is used in lithium-ion batteries.

The price offered is expected to be around USD1.93 a share. Given the scale of fund-raising, there should be around 156 million shares issued. Nuode's controlling shareholder, Shenzhen Bang Min Venture Capital Co., pledged to subscribe to at least 30 percent of the total issued, Shanghai Securities News reported.

Bang Min held an 8.93-percent stake in Nuode as of June 30 this year. After the subscription, its holdings are expected to rise to about 11.45 percent.

The investor is optimistic about Nuode's development prospects, and believes that the new project has strategic significance and could improve the manufacturer's market position and competitiveness, it said.

The rapid development of new-energy vehicles and the lithium battery industry has led to a shortage of electrolytic copper foil, Nuode said, adding that the investment will increase supply while also enhancing the company's advancement in the lithium battery field.