CORDLIFE Group, a provider of umbilical cord blood and tissue banking services, aims to raise net proceeds of $32.1 million through the placement of up to 26.8 million shares.

Of these, 17.8 million shares will be set aside for private placement and the remaining 9.038 million shares in a subscription tranche for investors.

These shares will be issued at $1.25 each, a 4.8 per cent discount from the volume weighted average price of $1.31 on Sept 30.

On Wednesday, Cordlife entered into a placement agreement with United Overseas Bank for 17.8 million shares.

It had also entered into subscription agreements with Caerus Capital, Ng Seow Yuen, Wang Ee Tsing, Kelvin Ngo Yong-Wei as well as Ang Ai Nyuet a day earlier.

The bulk of the proceeds will be used to further fund and support Cordlife's operations in the region and subsequent investments, joint ventures and acquisitions.

Its shares closed at $1.285 on Tuesday.