British engineering company Rolls-Royce said shareholders signed up for 94% of new shares it issued as part of a 2 billion pound ($2.64 billion) rights issue aimed at bolstering its pandemic-hit finances. Airlines pay Rolls based on how many hours its engines fly and as such, the company’s finances have come under increasing pressure after COVID-19 stopped travel earlier this year. Rolls-Royce said that the underwriting banks would now try to procure subscribers for the remaining shares, but failing that had agreed to subscribe for them themselves. …read more
Source:: Yahoo Finance
