Budget airline easyJet said its rights issue to raise £1.2bn was 93% subscribed, leaving underwriters to find buyers for the remaining shares or pick up the tab themselves.
EasyJet earlier this month unveiled plans to raise the cash via a 31-for-47 rights issue at 410p each, a deep discount of 36% on the airline’s closing share price on September 8.
Chief executive Johan Lundgren on Tuesday said the raising “will enable easyJet to strengthen its balance sheet and accelerate its post-Covid-19 recovery plan”.
“Importantly, it will position us to take advantage of strategic investment opportunities across our markets which will arise as we move into this period of recovery from the pandemic.”
The company said underwriters BNP Paribas, Credit Suisse, Goldman Sachs, Santander and Société Générale would try to procure buyers for the remaining 21m shares and had agreed to purchase them if unsuccessful.