ANA To Raise USD$1.53 Bln In Share Sale
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All Nippon Airways plans to raise up to JPY141.7 billion yen (USD$1.53 billion) through a planned public share offering to shore up its battered finances.
Like other global airlines, ANA has suffered from the sharp downturn in air travel caused by the economic crisis, but Japan's No. 2 carrier is also looking to increase investment to tap an expected rise in passenger demand once the expansion of Tokyo's Haneda airport is completed next year.
Total funds to be raised are about 19 percent less than the amount ANA had earlier hoped for, after the company's share price fell 20 percent from July 1 when it initially announced the share sale plan.
Under the offering announced after the market closed on Monday, ANA will sell 537.5 million new shares at 259 yen each, giving a 3.3 percent discount to Monday's closing price of 268 yen.
The airline will also sell 37.5 million shares under an over-allotment option, leading to share dilution of 27.6 percent.
ANA shares fell 3.3 percent to close at 268 yen on Monday, their lowest since January 2004 as investors rushed to sell the shares amid concerns about dilution.
