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.