Sharp said on Wednesday that it will raise 10.3 billion yen ($110 million) through a share offer to Samsung Electronics in a bid to bolster its finances.

After dilution, Samsung Elecronics will own a 3 percent stake in Sharp. The struggling Japanese electronics maker said in a statement that it will supply large TV panels and expand shipments of smaller LCDs for use in mobile devices to Samsung.

($1 = 93.35 Japanese yen)

(Reporting by Tim Kelly and Miyoung Kim; Writing by Shinichi Saoshiro; Editing by Edwina Gibbs)