Rakuten Group is finalizing plans to raise about $2.2 billion by issuing new shares, according to two people, in the e-commerce company's latest move to shore up its finances after years of losses from its mobile business.

Rakuten's board could meet as early as this week to decide on the capital raising, according to one of the people.

The public offering is expected to raise roughly ¥300 billion ($2.2 billion) but the amount could change depending on Rakuten's share price, which will influence the pricing of its new equity issuance.