(Bloomberg) -- Financially strapped El Al Israel Airlines is planning a 505-million shekel share offer during the coming week, it said in a filing to the Tel Aviv Stock Exchange.
The share offering is a condition for the flagship carrier to secure a state bailout, including a $250 million loan guarantee.
The government plans to buy shares worth 264.2 million shekels in the offering and will sell or transfer them within 24 months, the Finance Ministry said on Sept. 6.
The company has submitted a request to the capital market regulator and the Tel Aviv Stock Exchange to approve the share offer on the basis of a shelf prospectus.
