Shares will be issued at 1.4p. Brandon Hill Capital will own 20.08% of the shares following the placing.
Shahrukh Khan, Oracle’s chief executive, said: "We are pleased to confirm this equity placing, which will strengthen the company's balance sheet to continue the work with our Chinese partners to reach financial close of Thar Block VI."
Thar is a combined lignite coal mine and mine mouth power plant in Block VI in the south-eastern Sindh Province of Pakistan.
The US$1.6bn cost of the project will be funded 75:25 between debt and equity with the first phase to be a 660Mw output power plant that will rise eventually to 1,320Mw.
Under the terms of the MoU, Oracle will hold a 12.1% equity stake while its two Chinese partners SCIG and Power China will initially own 78% and 9.9% respectively.