OSL Group (HKG:0863) said it completed some of the previously announced sale of shares to raise over HK$1.60 billion, according to a Hong Kong bourse filing Thursday.

Shares of the tech company rose over 2% in Friday's trade.

The company issued 101,194,000 shares to major shareholder Liu Shuai at HK$14.90 apiece to raise HK$1.51 billion.

The issue was concurrent with Liu's sale of an equal number of existing holdings to other investors with the help of Macquarie Capital, which was completed.

The company also issued 2,633,500 new shares and 6,710,500 new shares at HK$14.90 apiece to investors WK Triangulum Investment and Brand Wisdom, respectively, to raise HK$139.2 million.

A final portion of the issue involving 47,518,000 new shares to Liu at the same price to raise HK$708 million is pending shareholder approval, OSL Group said.

The funds are being raised to implement the company's business strategy which involves future acquisitions and expansions.