TOKYO : Japanese battery maker GS Yuasa said on Monday it would raise as much as 47.2 billion yen ($315.47 million) in a sale of new shares and third-party allotment to Honda Motor.
GS Yuasa said it would use the funds for capital expenditure on a new plant to make lithium-ion batteries for electric vehicles.
Honda said separately it was participating in the share sale as part of its strategy to strengthen its electrification business.
Honda’s ownership in GS Yuasa will be 4.99 per cent after the transaction, the carmaker said. It holds 3 per cent of GS Yuasa, ranking third in ownership of the battery company, according to LSEG data.
($1 = 149.6200 yen)