CNNP share offer approved by CSRC

China National Nuclear Power Co, one of the country's three State-owned nuclear power developers, is a step closer to raising more than 16 billion yuan ($2.6 billion) in an initial public offering.

Plan by the nuclear power company, a subsidiary of China National Nuclear Corp, to sell up to 3.65 billion shares was approved on Wednesday by the China Securities Regulatory Commission, the country's securities regulatory body.

About 9.2 billion yuan of the funds will be used in building and operating 10 coastal nuclear power stations in Jiangsu, Zhejiang, Fujian and Hainan provinces, with the rest used as working capital as it expands, said officials.