Azure Dynamics to raise C$25 million via placing

(Reuters) - Hybrid electric and electric powertrains maker Azure Dynamics Corp (AZD.TO) AZDq.L said it has opened a private placement to raise up to C$25 million ($23.65 million), sending its shares 17.24 percent higher in London.

The AIM-listed company said it plans to use the net proceeds from the placing of up to 100 million shares at C$0.25 each to fund its ongoing product development and commercialization efforts as well as general corporate purposes.

Azure Dynamics expects the proceeds, together with anticipated cash flows, will satisfy its current working capital needs.

(Reporting by Ramkumar in Bangalore; Editing by Victoria Bryan)