Cheng Mei Materials Technology's (TPE:4960) board approved a private placement of up to 100 million common shares or convertible bonds to raise funds and attract strategic investors.

The shares will be offered at no less than 80% of the reference price, according to a Monday Taiwan Exchange filing.

The shares will be subject to a three-year lock-up, the optical materials and components manufacturer said.

Shares rose about 5% recently.