Aston Martin Lagonda Global Holdings PLC (LSE:AML) completed its £654mln equity fundraising on Friday, with the rights issue and placing designed to allow the carmaker to cut debt and accelerate growth.
The 103p rights issue price was almost a 79% discount to the share price when the capital raise was first announced in July, while the placing was carried out at a price of 335p, a 10% discount at the time.
Saudi Arabia's sovereign wealth fund, Public Investment Fund, has become a new "anchor" shareholder with an 18.7% stake in the company taken up via the placing, second only to executive chairman Lawrence Stroll's Yet Tree consortium, contributed to the rights issue and now has a 19% holding.
Geely Holding, the Chinese auto giant, has also become a major shareholder, while Mercedes-Benz invested too, as the pair extend their long-term partnership.
Stroll called it a "transformational capital raise" that he said "significantly strengthens our financial position and enhances our pathway to becoming sustainably free cash flow positive".
He said the leadership team is "fully focused on unlocking the significant shareholder value creation potential of this ultra-luxury British performance brand.
Aston Martin also announced on Thursday a tender offer to buy up to US$200mln outstanding bonds, consistent with the company's plan to use up to half of the equity issuance proceeds for debt repayment.