Nok Air (DD, Bangkok Don Mueang) has announced in a stock market filing that it raised THB1.55 billion bahts (USD49 million) in fresh capital from existing shareholders, although Thai Airways International (TG, Bangkok Suvarnabhumi) waived its right and has thus reduced its stake in the low-cost carrier.

Nok Air allotted over 888 million new shares to existing shareholders at THB2.5 baht (USD0.08) per share. Of these, 620,670,967 shares were subscribed to.

"Thai Airways International PLC, as a shareholder in Nok, has waived its right to subscribe to the 141,540,206 ordinary share total amount of THB353.8 million baht (USD11.2 million). The Company would like to inform you that it has decreased its shareholding in Nok from 15.94% to 13.28%," the flag carrier said in its own stock market filing.

Thai Airways' share in Nok Air reached its maximum level of 49% in 2011. Since then, the flag carrier has been gradually decreasing its shareholding in the LCC, mostly through waiving its right to participate in repeated share capital increases.

A total of 267,476,391 newly issued shares in Nok Air were left unsubscribed, which means that other shareholders also did not exercise their full rights. Nok Air did not disclose any further details as to the results of the subscription.

Before this most recent round, the largest shareholder in Nok Air was the Jurangkool family, which through three members controlled a 67.4% stake in the carrier. Wutthiphum Jurangkool is currently the carrier's chief executive.