Qantas plans discount stock sale
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Qantas Airways plans to sell AU$500 million (US$323million) of new stock at a discount of as much 21%, Bloomberg reported, citinganonymous sources. The carrier is reportedly trying to raise funds to pay forAU$35 billion of new planes after reporting a 68% slump in profits for thesecond half of 2008.
The stock will be offered to institutions at between AU$1.80and AU$1.95 a share, according to Bloomberg. Qantas shares last traded at AU$2.29.
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