Flight Centre Travel Group (ASX:FLT) set to raise $700 million

Company News

by Rachael Jones

Flight Centre Travel Group (ASX:FLT) is looking to raise $700 million, comprising a $282 million institutional placement and a $419 million 1-for-1.74 basis at $7.20 a share.

The Placement and the Entitlement Offer will result in the issue of approximately 97.2 million new fully paid ordinary shares in response to the COVID-19 outbreak.

Major shareholders the Turner, Harris and James families have committed to taking up a portion of their pro rata entitlements, in total representing a financial commitment of approximately $25 million.

Shares in Flight Centre Travel Group (ASX:FLT) are currently suspended - last traded at $9.91.