Aston Martin to issue $270 million worth of shares to bolster capital

© Reuters. FILE PHOTO: Workers clean an Aston Martin car on display at the Salon Prive, a three day automobile event which showcases both new and classic, luxury and sports vehicles, at the Royal Chelsea Hospital in London, Britain, April 20, 2023. REUTERS/Toby Melv

(Reuters) -Luxury carmaker Aston Martin said on Monday it will launch a 210 million pound ($270.04 million) share placing to speed up its aim to reduce net leverage.

Shareholders, who are represented on board, have committed to subscribe 184 million pounds, of which 115 million pounds worth of shares will be bought by Yew Tree Overseas, Public Investment Fund, Geely International (Hong Kong) and Mercedes-Benz AG.

The rest will be made available to institutional investors through an accelerated bookbuild.

Last week, the carmaker’s second-quarter results beat market expectations, helped by higher prices and demand for its DBX707 sports utility vehicle and limited edition V12 Vantage Roadster.

($1 = 0.7777 pounds)

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