The Industrial and Commercial Bank of China (ICBC) won shareholders' approval to issue up to 25 billion yuan (3.66 billion U.S. dollars) of convertible bonds Tuesday.

The move is a bid to inject new capital into the world's largest lender by market value, ICBC said in a statement filed to the Shanghai Stock Exchange.

The refinance is aimed at A-share market investors, the statement said.

The amount to be raised has not been decided, the statement added.

Incorporated in Beijing, the ICBC is listed in both Shanghai and Hong Kong.