Accent Group (ASX:AX1) completed the issue of shares as part of its partnership with Frasers Group to launch and operate the Sports Direct business in Australia and New Zealand, according to a Tuesday filing with the Australian bourse.

The company issued 35.2 million shares to Frasers at AU$1.718 apiece, the filing said. Frasers also bought additional Accent shares on the market, increasing its shareholding in the company to 19.9% from 19.57%.

The company will use the subscription proceeds of AU$60.4 million from the share issue to fund the initial launch of its Sports Direct business in ANZ, according to the filing.

Accent Group shares rose past 3% in morning trade Tuesday.