Air NZ offer at 88%

Air New Zealand says its rights offer was 88% subscribed as it looks to find owners for 274million shares not taken up under the offer. In early April, the national carrier launched a $1.2 billion rights offer as part of a $2.2b recapitalisation plan. The airline said it had started undertaking a bookbuild for the shares not taken up. That price price will be equal to or above the rights offer price of 53 cents per new share.