True said it would use the money to reduce its debts and pursue its goal of becoming a powerful convergence telecommunications company, bringing together broadband Internet, pay TV and mobile telephone services.
"The deal will transform us into a profitable company and subsequently into a formidable telecommunications provider in the region," True Corp's Chief Executive Suphachai Chearavanont said in a statement.
True said the partnership, which comes despite investor uncertainty in the wake of a military coup in Thailand on 22 May, reflects the international business community's confidence in Thailand's long-term economy.
The Thai firm, part of the agriculture-to-retail empire of billionaire tycoon Dhanin Chearavanont, also plans to raise an additional 36.4bn baht by selling new shares to existing shareholders.
China Mobile, the world's biggest mobile operator by subscribers, said the purchase reflected its international expansion and search for strategic investment opportunities in foreign markets.
"China Mobile views True's unique convergence business strategy and long-term vision as strong potential to bring about long-term growth profitability," China Mobile's Chief Executive Li Yue said.
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