GCL Technology (HKG:3800) completed the issue of a total of over 2 billion shares to Infini Global Master Fund at HK$1.15 apiece, an Oct. 10 Hong Kong bourse filing said.

Shares of the solar panel company were down 5% in Monday afternoon trading.

Under a September agreement between GCL Technology and Hong Kong-based hedge fund Infini Capital Management, the latter had designated Infini Global Master Fund to subscribe for this tranche of the shares.

A little over 2.7 million shares under the remaining tranches are expected to be issued to designated person T Technology Investment in November.

The firm will use proceeds from the issue for structural adjustment of the polysilicon production capacity, enhancement of the R&D and production capacity of silane gas, optimization of its capital structure, and general working capital.