Activist investor Carl Icahn has raised his stake in handset maker Motorola (NYSE: MOT) to 6.3 percent from 5 percent, reports Reuters, citing a filing with the SEC. Icahn, who has been pushing for a break up of Motorola, now owns 142.36 million shares in the company, for which he has paid a total of $2.06 billion, including commissions. Icahn told Reuters (NSDQ: RTRSY) that he thought shares in the struggling handset maker were “extremely cheap right now,” adding that, “today, you are really buying a handheld division for nothing.”

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In early February, Icahn appointed four nominees to Motorola’s board, but it looks like the company is gearing up for another proxy battle, according to the Ft.com. In a separate filing yesterday with the SEC, Motorola’s board told shareholders to reject the Icahn nominees, saying they “have not been endorsed by your board of directors,” and urged them “not to vote any proxy card that you may receive from the Icahn entities.” Last year, Icahn fought and lost a proxy battle.