GD Power Development Co said it will sell no more than 3 billion shares in its secondary public offering on the Shanghai Stock Exchange to raise as much as 9.6 billion yuan (US$1.45 billion).

The proceeds will be used to take over power plants from its parent group China Guodian Corp.

China Guodian Corporation will subscribe no less than 10 percent of the newly issued shares and the rest will be available for online and offline subscription, the company said in a filing to the exchange.