Marco Polo Marine (SGX:5LY) agreed to place around 144.9 million shares at SG$0.145 each to raise gross proceeds of about SG$21.0 million, according to a Tuesday filing with the Singapore Exchange.

Shares of the marine and offshore infrastructure company were down nearly 8% in Wednesday trading.

The company will use the net proceeds, estimated to be around SG$20.5 million, to fund capital expenditures for business expansion, including fleet expansion and feel renewal, the filing said.