Norwegian Air will sell new shares at just a third of the current market price when the loss-making airline seeks to raise money from its owners in the next few weeks, it said on Monday.
Norwegian Air said on Jan. 29 it planned to raise 3 billion Norwegian crowns ($348 million) in a share sale to bolster its finances, just days after British Airways owner IAG ruled out a bid for the budget airline.
Norwegian is trying to replicate on transatlantic flights the low-cost model that dominates the short-haul market via companies such as Ryanair and easyJet, but is struggling to make the business profitable.