Aston Martin raising over $600 million in rights issue

Aston Martin is raising 575.8 million pounds ($668 million) in a rights issue as significant investors including Saudi Arabia’s sovereign wealth fund keep faith with the automaker.

The automaker said on Monday it would release four new shares at 103 pence apiece for every existing share.

The rights issue is part of equity raising of 653.8 million pounds, which was announced earlier and makes Saudi Arabia‘s Public Investment Fund (PIF) one of the automaker’s largest shareholders.

Aston Martin said the rights issue was committed and underwritten, with support from PIF, together with Lawrence Stroll’s Yew Tree and Mercedes Benz.

The fundraising will allow the company to reduce its debt and invest in new models.