November 10 -- China Avic Avionics Equipment (600372.SH), a company engaged in the manufacture and distribution of aerospace lighting systems, cockpit control panels, integrated plane warning systems, and related products, plans to issue up to 124 million shares at not less than 27.44 yuan per share in order to raise a maximum of 3.398 billion yuan, reports yicai.com, citing a company filing.

The private placement will be conducted to a maximum of 10 designated investors, excluding its controlling shareholder and related parties.

Net proceeds will be invested into the industrialization of avionics systems, upgrading of research capabilities, expansion into non-aviation sectors, and to boost working capital.

Shares of the company had been suspended since December 27. Share trading resumed today, and the shares rose by its daily limit to close the morning session at 33.57 yuan.