BYD eyes issue for capital

China's privately owned battery and automobile maker BYD Co is planning to raise capital for new projects through issuance of as many as 100 million A shares on the Shenzhen Stock Exchange, Reuters reported yesterday.

The capital raised would be mainly used to fund the company's lithium-ion battery production, auto research and development, expansion of auto products and parts, as well as a solar battery program, with the rest to be used as working capital, according to BYD.

The Warren Buffett-backed automaker said it would seek shareholders' approval for the proposed listing through a shareholders meeting in September, Reuters reported, without further details.