Luxxu Group (HKG:1327) raised net proceeds of HK$15.2 million from its recently concluded rights issue, according to a May 9 Hong Kong bourse disclosure.

The watch trader received 12 applications for nearly 39,829,808 rights shares, representing 36.94% of the rights shares allocated for the deal.

On April 30, the firm placed all 67,997,392 unsubscribed shares at HK$0.15 apiece.

Dealings in the newly issued rights shares are expected to begin on May 13, Tuesday.

The firm will use proceeds from the rights issue to repay bond payables, as well as for general working capital.