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Evening Standard
Evening Standard
Business
Simon Hunt

Aston Martin shares reverse as it offers big discount to raise cash from existing backers

Aston Martin’s sports cars are world famous (Aston Martin/PA)

(Picture: PA Media)

Debt-ridden British carmaker Aston Martin has drafted in the support of Mercedes and the Saudi Arabian sovereign wealth fund after confirming the details of a £576 million rights issue in a bid to shore up its finances.

Mercedes has committed to a £56 million investment as part of the deal, while the Saudi-run Public Investment Fund, controlled by crown prince Mohammed bin Salman, took up its full entitlement under the rights issue and is understood to be becoming the firm’s second largest shareholder.

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