Japanese household furniture and interior accessories retailer Otsuka Kagu Ltd. announced that the company will secure about 3.8 billion yen ($34.4 million) in fresh capital.
The furniture retailer aims to raise the funds by issuing new shares to third parties including an investment fund.
Otsuka Kagu will sell 13.11 million new shares for $2.63 apiece, with payments set for between March 4 and June 30.
The company intends to use the proceeds to promote warehouse automation and store reform designed to boost e-commerce operations.