Nok Air (DD, Bangkok Don Mueang) has raised THB2.3 billion bahts (USD73.3 million) from existing shareholders, short of its intended goal of THB2.5 billion bahts (USD79.7 million) as Thai Airways International (TG, Bangkok Suvarnabhumi) did not participate in the capital increase.

The Thai LCC said in a stock market filing that it allocated 836.5 million new shares to existing stakeholders at a price of THB2.75 bahts (USD0.09) per share. It originally planned to allocate 908.8 million new shares.

"Thai Airways International Public Company Limited as a shareholder in Nok has waived its right to subscribe to the 198,156,288 ordinary share total amount of THB544.93 million bahts (USD17.4 million)," the carrier said in its own stock market filing.

As a result of this decision, Thai Airways' stake in Nok decreased from 21.8% to 15.94%.

Nok Air had to request new cash from shareholders after the carrier's equity had become negative, The Nation has reported. Currently, Nok Air has a paid-up capital of THB3.1 billion bahts (USD98.8 million).