Air Water is going to procure JPY59.7 billion at maximum through public offerings and third-party allotments in December in order to finance its on-site gas business and debt repayment and fund-raising to acquire the uninterrupted power supply system (UPS) business in India. 　

Air Water will issue 27 million shares by public offering and 4.05 million shares at maximum through the third-party allotment accompanying selling-out by over-allotment. These shares correspond to about 14% of issued shares after the increase of capital.

In July of this year, Air Water acquired Praxair’s on-site supply business for Tata Steel located in the East Indian Area with an investment amounting to about JPY23.8 billion. It was followed in August by the acquisition of the on-site business for the JSW located in the southern district of India with an investment of about JPY20.4 billion. Also in July, on the other hand, Air Water acquired HITEC of Dutch UPS manufacturer for the UPS business.

The procured fund will be allocated to the repayment of the debt for these acquisitions. The increased portion of JPY43.5 billion will be for the AWI’s business in India and JPY10 billion be for repayment of debt related to the UPS business.

Air Water forecasts the sales of overseas business to attain JPY100 billion at the end of 2021, posting a slogan of reinforcement for further business abroad and planning a positively continuous investment.