China's Nanfang Space Navigation plans to raise 3.17 billion yuan ($482.4 million) through the issue of new shares, it said on Thursday.
The company said it plans to issue a maximum of 275 million new shares and added that it would set aside 450 million yuan ($68.48 million) to shore up its capital.
The money raised will be used to expand its production capacity, increase its research and development capabilities and to boost its equity holding in a Jiangsu-based new energy company, Nanfang said in a statement.
Nanfang manufactures aero-engine control system products. It also manufactures and sells motorcycles and motorcycles engines, civil aircraft components and automobile components.
