Embattled Japanese conglomerate Toshiba said Sunday it plans to raise $5.3 billion by issuing new shares, a move aimed at avoiding a humiliating delisting from the Tokyo bouse.

A board meeting on Sunday decided on the move, it said.

Toshiba will issue 2.28 billion new shares to raise a total of 600 billion yen ($5.3 billion), with financing expected to close on December 5.

The new shares will be allotted to 60 overseas investment funds. Each will be priced at 262.8 yen, a 10 percent discount from Friday's closing price.

The number of new shares is roughly half the number of currently listed shares.

"This of course poses a concern of dilution of the value of shares but... we believe this measure will enable us to clear obligations and focus on core business, which will ultimately contribute to the value of shares," a Toshiba spokeswoman said.