Ryanair has revealed detailed plans for a shares sale aimed at raising cash for new aircraft.
The airline is offering 26 million ordinary shares for sale at a price of €6.25 each to bring in €162.5 million.
The company has applied to the Irish stock exchange and the United Kingdom listing authority for the shares to be admitted to the official lists in both Dublin and London.
The offering is being directed at existing and new institutional investors in Ireland, the UK and other European Union member states.
Ryanair plans to use the shares placement to help fund its purchase of 100 new 737-800 jets from America's Boeing aircraft manufacturing giant.
The airline estimates economies of scale arising from the fleet expansion are set to play a key role in keeping costs low and profit margins intact.
The company this week highlighted the "huge potential" for low-cost air travel as it currently accounted for only 4 per cent of the total market. Ryanair also dismissed suggestions it was expanding too rapidly.
Ryanair has also introduced a programme to boost the percentage of its share capital held by European Union nationals, in line with new community rules.
PA