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(Alliance News) - British Airways-parent International Consolidated Airlines Group SA on Friday said it has received 100% acceptances for the new shares to be issued under the company's EUR2.74 billion equity capital raise.
The Anglo-Spanish airline earlier in September had said it would issue 2.98 billion shares at EUR0.92 each to strengthen its balance sheet and reduce leverage. Qatar Airways, IAG's largest shareholder with a 25% stake, had irrevocably undertaken to subscribe for its pro-rata entitlement under the capital increase.
IAG on Friday said it has received acceptances in respect of all 2.98 billion shares to be issued under the fundraise.
During the pre-emptive subscription period, which ended on Saturday last week, a total of 2.76 billion shares were subscribed, representing 93% of the new shares, leaving 215.9 million excess shares.
However, an additional 6.3 billion shares were requested subsequently during the subscription period, significantly exceeding the available excess shares. IAG, as a result, carried allocated the remaining shares on a pro rata basis.
By Tapan Panchal; tapanpanchal@alliancenews.com
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