IDT International (HKG:0167) agreed to place up to nearly 86.7 million shares to at least six investors at HK$1.88 apiece to raise net proceeds of HK$160.7 million, according to a Friday Hong Kong bourse filing.

The shares represent around 16.67% of the electronics manufacturer's enlarged issued share capital.

The firm will use proceeds for potential future investments and to replenish general working capital.