Qantas launches $1.36 billion institutional placement slashes 6000 jobs

Qantas Airways has launched a $1.36 billion institutional placement as well as cutting 6000 jobs cut and grounding 100 aircraft for the next 12 months as part of its three-year COVID-19 recovery plan. In a statement Qantas said that it had received high levels of interest from both existing institutional shareholders and new investors for the placement, with demand in excess of the stock on offer. About 94% of the shares were allocated to existing shareholders. Proceeds from the equity raising will be used to accelerate the group’s recovery, strengthen its balance sheet and position it to capitalise on opportunities