LONDON (Reuters) -British luxury carmaker Aston Martin confirmed on Monday a 575.8 million pound ($659.75 million) rights issue, with backing from investors including Saudi Arabia’s sovereign wealth fund.
The rights issue is part of a previously announced equity raise of 653.8 million pounds, which makes Saudi Arabia’s Public Investment Fund one of the company’s largest shareholders.
Aston Martin said the rights issue was fully committed and underwritten, with support from PIF, as well as chairman Lawrence Stroll’s Yew Tree and Mercedes Benz.
The fundraising will allow the 109-year-old company to lower its debt and invest in new models, the firm has said.
($1 = 0.8728 pounds)
(Reporting by Iain Withers; Editing by Louise Heavens)