.
Virgin Australia Holdings Limited (ASX:VAH) has completed the institutional part of its entitlement offer, raising gross proceeds of $281.4 million.
The airline says institutional shareholders took up 98.4 per cent of their entitlements under the offer, which opened yesterday.
Shareholders were able to subscribe for five new Virgin Australia shares for every 14 existing shares held at a price of 38 cents per new share.
Key shareholders Air New Zealand, Etihad Airways and Singapore Airlines also either provided sub-underwriting of the offer or committed to increase their exposure through cash-settled derivatives.
Virgin booked a net loss of $98.1 million in fiscal 2013.
