DUBLIN: Ryanair has raised €400 million from shareholders to strengthen its balance sheet as it eyes potential market opportunities in the wake of the Covid-19 pandemic, Europe’s largest low-cost carrier said on Friday.
Ryanair issued 35,242,291 shares, about 3.2% of its total share capital, at a price of 11.35 per share. That represents a discount of roughly 2.6% to its closing price on Thursday. “As we look beyond the next year, we expect that there will be significant growth opportunities for Ryanair’s low-cost model as competitors shrink, fail or are acquired by government bailed out carriers,” the airline said.
Ryanair flew a little less than half as many passengers in August than in the same month last year, but it has one of the strongest balance sheets in the industry with more than €3.9 billion in cash at June 30 and unencumbered Boeing 737 jets worth about €7 billion.
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