Qantas Airways (ASX:QAN) completes $1.36B institutional placement

Company News

by Katrina Bullock

Qantas Airways (ASX:QAN) has successfully completed its $1.36 billion underwritten institutional placement.

The company issued 372.7 million new shares at a price of $3.65 per share.

The placement resulted in a 25 per cent increase to the total shares on issue.Approximately 94 per cent of the shares were allocated to existing shareholders.

Qantas Group CEO, Alan Joyce, say “The fact that there was significant demand for this offer shows clear support for our recovery plan and confidence in the fundamentals of this business. The plan involves some difficult decisions but we are extremely well positioned to get through this crisis and start growing again on the other side.”

This follows yesterday’s bombshell announcement that Qantas (ASX:QAN) will be cutting at least 6000 of its 29,000 workers as the covid travel restrictions continue to weigh on the company.

Shares in Qantas Airways (ASX:QAN) are trading 7.64 per cent lower at $3.87.