Hong Kong Robotics Group (HKG:0370) is seeking to raise HK$220.3 million through a rights share offering, according to a Tuesday bourse filing.

The company said it will sell 1.05 billion new shares at HK$0.21 apiece, a 23.6% discount to the stock's Monday closing price, and that eligible shareholders will receive one rights share for every two shares they own.

After the transaction, HK Robotics will have 3.15 billion shares outstanding, up from 2.1 billion. Proceeds will be used to grow the company's robotics business, fund R&D, clear outstanding dues, secure new assets, and for general corporate purposes, among other things.

RaffAello Securities HK is serving as the underwriter for the rights offering.