Norwegian low-cost airline Flyr has raised 250 million Norwegian kroner through a private placement, according to a press release.

The issue was made at a subscription price of 1.20 Norwegian kroner per share, a discount of a full 40 percent to the closing price on Thursday. The stock plunged 26.8 percent on Friday.

Flyr intends to use the proceeds from the issue to strengthen its financial position, finance several routes during the reopening of society and for general corporate purposes. 

Source: FinWire