(Bloomberg) --

EasyJet Plc raised 1.2 billion pounds ($1.7 billion) in a stock sale, cash that will help the low-cost U.K. carrier weather the slow winter and prepare for a rebound in leisure travel. 

Existing investors purchased 93% of the 301 million shares available in a rights offering at a discounted price of 410 pence each, EasyJet said Tuesday in a statement. Underwriters were working to place rest.

EasyJet said earlier this month it would raise the cash to go it alone rather than sell itself at a depressed price to suitor Wizz Air Holdings Plc. At the time, the U.K. airline said it was undervalued in the wake of the coronavirus pandemic and U.K. travel rules hindered a recovery.  

EasyJet also said at the time it would borrow 400 million pounds from lenders. 

The shares sank 10% on Sept. 9 on concerns about the dilution. Since then, the U.K. overhauled its travel rules and EasyJet shares had gained 19%. 

The stock was down about 2.1% to 694.40 pence as of 8:19 a.m. in London. 

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