SANY Heavy Industry Co (stock code: 600031), China's biggest maker of pumps for concrete, raised 1.03 billion yuan (US$136 million) by selling new shares to fund the acquisition of a unit that makes drilling equipment.

The company sold 32 million shares to 10 investors at 33 yuan each, Sany Heavy said in a statement to the Shanghai Stock Exchange yesterday. The manufacturer said in November it would sell as many as 50 million shares for the 800-million-yuan purchase.