Shareholders will vote on the plans at an April 30 meeting, the Beijing-based company said in a filing with the Shanghai Stock Exchange on Saturday. GD Power will also seek approval from the central bank, the company said.

The share sale may raise as much as 5.3 billion yuan, based last Friday's closing price of 13.34 yuan.

GD Power has invested in coal mines and hydro- and wind-power assets to increase production capacity to meet China's growing demand for energy.

The company will use cash raised by selling additional shares to buy assets from its parent, the statement said. The exact number of shares will be decided by the company and its underwriter based on demand.

GD power will pay 1.84 billion yuan to buy 70 percent of Zhejiang Beilun No. 1 Power Generation Co, 341 million yuan to get 60 percent of Shizuishan No. 1 Power Generation Co and 871 million yuan to buy 18 percent of Dadu Hydropower Development Co from its parent, it said in the statement.

The company will borrow cash from banks if the funds raised through share and bond sales aren't enough to buy the assets, it said.

The company will also use its own capital and cash borrowed from financial institutions to pay for another three assets from its parent to further strengthen its competitiveness, Bloomberg News reported.

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