June 25, 2020 / 11:27 PM / 14 days ago

Qantas raises $940 mln in institutional share placement

June 26 (Reuters) - Qantas Airways Ltd said on Friday it has raised A$1.36 billion ($940 million) by issuing shares to institutional investors.

The institutional placement was part of a sweeping three-year cost-savings plan announced by Qantas on Thursday to cope with the coronavirus crisis, which includes axing at least 20% of its workforce and putting planes into storage.

Qantas said about 94% of shares had been placed with existing shareholders.

“The fact that there was significant demand for this offer shows clear support for our recovery plan and confidence in the fundamentals of this business,” Chief Executive Alan Joyce said.

Qantas also plans to raise up to another A$500 million through a share purchase plan.

$1 = 1.4520 Australian dollars Reporting by Shashwat Awasthi in Bengaluru; editing by Jane Wardell

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