EasyJet has raised a much needed £1.2 billion in a rights issue.

The funds from the rights issue will be used to shrink its debt, and strengthen its financial resiliency ahead of the uncertain winter season.

The budget carrier thanked investors for their support.

“The success of this capital raise, thanks to great support from investors, will enable easyJet to strengthen its balance sheet and accelerate its post-Covid 19 recovery plan,” said Johan Lundgren, Chief Executive Officer of easyJet.

“Importantly, it will position us to take advantage of strategic investment opportunities across our markets.”

“This will allow us to emerge from the pandemic with renewed strength, positioned as a structural winner in this rapidly evolving sector.”

Shares will begin trading on the London Stock Exchange today.

The airline recently announced it would seek more funding after it turned down an unsolicited offer to buy the business.

That was thought to have come from rival Wizz Air.

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