Shares in Virgin Australia fell hard this morning after announcing a major equity raising.
A short time ago, the shares were down more than 14% to $0.252.
Virgin today announced an equity raising of $852 million through a 1 for 1 entitlement offer to shareholders at $0.21 a share, a 28.8% discount to yesterday’s close of $0.295.
In total, the latest offer and the previously announced placement to HNA Innovation for $159 million will raise $1.011 billion in new equity capital.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.