The Irish airline, Europe's largest low-cost carrier, said the equity raise, via a "non-pre-emptive placing of new ordinary shares ... to institutional investors and certain others" would begin immediately via an accelerated bookbuild. Ryanair management, including CEO Michael O'Leary will participate in the placing.
"The placing is expected to help better position the group to move quickly to capitalise on such opportunities should they arise... (and) should significantly de-risk the group's debt repayments over the next 12 months," the statement said.
Competitor IAG in July announced plans to raise 2.75 billion euros from shareholders.
© Reuters, aero.uk | 04/09/2020 07:58