<p>Japan Airlines Co Ltd said on Wednesday it raised a more-than-expected $1.8 billion in a share sale which was aimed at strengthening its finances amid the coronavirus pandemic.</p>.<p>The airline benefited from a rally in the stock market that was driven by hopes for a swift global economic recovery from the Covid-19 pandemic on vaccine-related developments.</p>.<p>Japan Airline shares have risen 7% since the share sale was announced on Nov. 6. The shares plunged the day after the announcement on concern about dilution.</p>.<p>"We have issued new shares that are equivalent to 30% of the existing shares. We will have to generate profits that would offset the dilution," said Yuichiro Kito, general manager for finance at an online media briefing.</p>.<p>Japan Airlines, with 337 million shares outstanding before the sale, has issued a total of 100 million shares.</p>.<p>Airlines around the globe are struggling to ride out a pandemic that has cast a dark shadow across the global travel industry. Although Japan hasn't been hit as hard as the United States and Europe, its travel industry is suffering.</p>.<p>The company priced the shares at 1,916 yen, 3% lower than the close of Wednesday, giving investors the smallest discount of the range between 3% and 6%.</p>.<p>The airline raised 183 billion yen ($1.8 billion), compared with 168 billion yen it had planned to raise earlier this month.</p>
<p>Japan Airlines Co Ltd said on Wednesday it raised a more-than-expected $1.8 billion in a share sale which was aimed at strengthening its finances amid the coronavirus pandemic.</p>.<p>The airline benefited from a rally in the stock market that was driven by hopes for a swift global economic recovery from the Covid-19 pandemic on vaccine-related developments.</p>.<p>Japan Airline shares have risen 7% since the share sale was announced on Nov. 6. The shares plunged the day after the announcement on concern about dilution.</p>.<p>"We have issued new shares that are equivalent to 30% of the existing shares. We will have to generate profits that would offset the dilution," said Yuichiro Kito, general manager for finance at an online media briefing.</p>.<p>Japan Airlines, with 337 million shares outstanding before the sale, has issued a total of 100 million shares.</p>.<p>Airlines around the globe are struggling to ride out a pandemic that has cast a dark shadow across the global travel industry. Although Japan hasn't been hit as hard as the United States and Europe, its travel industry is suffering.</p>.<p>The company priced the shares at 1,916 yen, 3% lower than the close of Wednesday, giving investors the smallest discount of the range between 3% and 6%.</p>.<p>The airline raised 183 billion yen ($1.8 billion), compared with 168 billion yen it had planned to raise earlier this month.</p>