NEC share deals to raise ¥134 billion

NEC Corp. said Friday it will raise up to ¥134 billion by the end of this month through domestic and overseas new share offerings to shore up its financial base and invest in businesses including cloud computing and lithium-ion batteries for green cars.

It is the first time since 2003 that NEC will conduct a public stock offering. The company said its offer price will be decided between Nov. 18 and 20.

The firm joins a string of other electronics makers that are scrambling to boost their capital after falling into the red in fiscal 2008, which ended in March.

NEC incurred a group net loss of ¥296.65 billion in fiscal 2008, after reporting ¥22.68 billion in net profit the previous year.