Norwegian Air Shares Plunge During Bid to Raise Cash

Norwegian Air ASA offered shares at 39 percent discount to a theoretical share price excluding subscription rights as the carrier is raising 3 billion kroner ($350 million) to shore up finances. The shares slid as much as 15 percent.

The company on Monday said it’s selling 91 million shares in a 2-for-1 rights offering to existing shareholders. The price was set at 33 kroner a share, a 39 percent discount to the theoretical share price excluding subscription rights.