British firm Aston Martin has announced plans to raise £653m in equity capital as it seeks to lower its debt and secure its long-term future.
First revealed by Autocar, the funding is set to include a £78m deal with the Saudi Public Investment Fund (PIF) in exchange for a 16.7% shareholding and up to two non-executive director seats on its board. PIF is already a shareholder in McLaren and Lucid. A further £575m will be raised through a rights issue, which is expected to be undertaken this autumn.
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