November 8 -- Apparel maker Fujian Septwolves Industry (002029.SZ) plans to raise up to 1.8 billion yuan from a private placement of a maximum of 53 million shares at not less than 34.27 yuan per share, reports yicai.com, citing a company filing.

Funds to be raised will all be used to optimize its sales network. The company plans to spend a total of 2.07 billion yuan to add 1,200 new sales outlets.

The expansion program will take 30 months, and will increase its operations area by 180,000 square meters.

Septwolves forecasts the investments will bring in additional annual sales of 1.4 billion yuan, and net profit of 279 million yuan. The investment recovery period is projected to be 6.95 years.