Singapore-based Shanda Group has upped its stake in LendingClub, giving the beleaguered company's stock a healthy fillip. Shanda Group acquired an 11.7 percent share in the online lending company. The purchase, along with shares and options, makes Shanda one of the largest shareholder in LendingClub.

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Following the news, LendingClub's stock jumped 8.3 percent on Monday. The company is currently grappling with various issues following the forced resignation of its chief executive Renaud Laplanche. Laplanche, who is also the founder of the company, tendered his resignation on May 9.

LendingClub ousted its CEO out after an internal probe suggested that the company willingly forced $22 million worth of loans on an investor. The investigation also showed that some of the company's executives knew about the wrondoings and took no action.

LendingClub has announced that they have been deliberating the investment with Shanda and considers "its actions as an endorsement of the long-term prospects and value of our business model." However, Shanda will not play an active role in running LendingClub.

Shanda Group is a private investment firm co-founded by Tianqiao Chen and his wife Chrissy Luo. The firm is reported to have $8 billion worth of assets under management. The Singapore-based company is currently on a buying spree. It recently acquired about 10 percent stake in Legg Mason. Last week, it also received approval from the US antitrust regulators to boost its share in auction house Sotheby's. Shanda is looking to raise its share in the auction house from two percent to ten percent.

Shanda Group is looking to diversify its portfolio. It is engaged in US venture fundraising for SpaceVR, a startup offering virtual space tours.

TagsShanda Group, LendingClub, Renaud Laplanche