OSL Group (HKG:0863) announced plans to raise HK$2.36 billion via the sale of shares, according to a Hong Kong bourse filing Friday.

Shares of the tech company fell over 7% in recent morning trade.

The company structured the issue in portions, beginning with the sale of 101,194,000 shares to major shareholder Liu Shuai at HK$14.90 apiece to raise HK$1.51 billion.

The issue will be concurrent with Liu's sale of an equal number of existing holdings to other investors with the help of Macquarie Capital.

The company will then issue 9,344,000 shares to investors WK Triangulum Investment and Brand Wisdom, also at HK$14.90 apiece, to raise HK$139.2 million.

Finally, the company plans to issue 47,518,000 new shares to Liu at the same price to raise HK$708 million, pending shareholder approval.

The funds are being raised to implement the company's business strategy which involves future acquisitions and expansions.