Rolls-Royce sells 94% of new share issue in £2bn cash call

Rolls-Royce has announced that shareholders have snapped up 94% of the new share issue it launched last month as part of a £2bn cash call.

The Derby manufacturing giant said that its underwriting banks will now try and find subcribers for the remaining shares – failing that they will subscribe themselves.

The news unlocks a £5bn cash boost for Rolls, which includes a £2bn bond issue last month and a further £1bn in bank loans.