AirAsia Group—controlled by Tony Fernandes—said late Monday it will raise up to 1 billion ringgit ($238.6 million) through a convertible debt issue to existing shareholders as the budget carrier prepares to resume flights by the end of the year and builds its digital platform.
Under the proposed fundraising exercise, the company said existing shareholders can subscribe to 7-year redeemable convertible unsecured Islamic debt securities (RCUIDS) with a nominal value of 0.75 ringgit each on the basis of two RCUIDS for every six AirAsia shares held. The debt instruments come with free detachable warrants.
“Fundraising is a critical component of our recovery strategy,” Fernandes, 57, AirAsia’s group CEO, said
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