Aston Martin is raising £575.8 million (US$660 million) in a rights issue as major investors including Saudi Arabia's sovereign wealth fund keep faith with the struggling luxury British carmaker.
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The 109 year-old company said on Monday (Sep 5) it would issue four new shares at 103 pence apiece for every existing share. At 0750 GMT (3.50pm, Singapore time) the stock was down 10 per cent at 432.9 pence.
The rights issue is part of a previously announced equity raising of £653.8 million, which makes Saudi Arabia's Public Investment Fund (PIF) one of the company's largest shareholders.
Aston Martin said the rights issue was fully committed and underwritten, with support from PIF, as well as chairman Lawrence Stroll's Yew Tree and Mercedes Benz.
The fundraising will allow the company to lower its debt and invest in new models, it has said.
The Formula One racing team owner has been burning through cash and has been hit by supply chain snags. It posted a tripling of pretax half-year losses in July.
The company rejected a £1.3 billion investment proposal that would have handed control of the business to Italian investor Investindustrial and Chinese carmaker Geely that month.
