China's TCL Corp said it is planning to raise 2.296 billion yuan via a placement of up to six million A-shares to a maximum of 10 institutional investors.

In a statement filed with the Shenzhen Stock Exchange, the company said up to 742.46 million yuan of the proceeds will be invested in the production of small- and medium-sized liquid crystal display (LCD) panel production and up to 653.91 million will be invested in output of large, high-definition LCD panels.

Up to 650 million yuan of proceeds will be used to boost the company's stake in TCL Multimedia Technology Holdings and up to 250 million will be used to supplement working capital.

The placement is subject to a 12-month lock-up period, the company said.

Last year, the company said it will raise 1.05 billion yuan via a private placement with plans to invest up to 150 million of the proceeds intos subsidiary TCL Computer, apart from investments in panel production.

Its latest plan omits the investment in TCL Computer.

The company plans to hold an extraordinary shareholder meeting on July 5 to approve the placement plan.

(US$1 = 7.62 yuan)