Sanden Holdings Corporation (TSE:6444) announced a private placement of 83,627,000 shares at an issue price of ¥256 per share for gross proceeds of ¥21,408,512,000 on March 1, 2021. The transaction will include participation from Hisense Home Appliances Group Co., Ltd. (SZSE:000921). The company will raise funding from third-party allotment. The transaction has been approved by the board of directors. The transaction is subject is subject to approval of extraordinary general meeting of shareholders schedule on May 7, 2021. The payment period of transaction is May 10, 2021 to December 31, 2021. The company will pay issuance expenses of ¥535,000,000. The investors entered in to purchase agreement with the company. Post transaction the company will become the non-wholly owned subsidiary of the investor. The purchase agreement can be cancelled any time before the closing of the transaction. The shares issued representing approximately 75% of the total voting rights of the company.

On March 25, 2021, the company announced that the extraordinary general meeting of shareholders is now scheduled on May 27, 2021.