Nok Air has completed a Bt2.3 billion ($73.3 million) capital raising exercise, which has diluted Thai Airways International’s stake in the budget carrier from 21.8% to 16%.
The exercise closed on 6 February, with existing shareholders allocated one new share for every 2.5 shares held. The new shares were priced at Bt2.75, Nok states in a 13 February stock exchange disclosure.
That represents a notable premium over Nok’s recent share price, which closed at Bt2.28 on 13 February.
Out of the 909 million shares allocated, around 837 million were taken up. The remainder are set to be distributed to other shareholders.
Thai Airways states in a separate disclosure that it waived its right to subscribe up to 198 million of Nok shares, which would have cost it up to Bt545 million, resulting in the dilution of its stake.
With the exercise now completed, Nok’s paid up capital has increased from Bt2.27 billion to Bt3.1 billion.