GCL Technology (HKG:3800) agreed to sell around HK$5.45 billion worth of shares to Hong Kong-based hedge fund Infini Capital Management, according to a Hong Kong bourse filing Tuesday.
The solar materials manufacturer will sell 4,735,651,000 shares at HK$1.15 each to raise funds for strengthening its business and expanding production capacity.
The shares represent 16.63% of the company's issued share capital, and 14.26% on an enlarged basis.
The issue will take place in two tranches of 2,029,565,000 shares and 2,706,086,000 shares.
Haitong International Securities was appointed placing agent of the offering.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.