Norwegian Air wants to raise £268m in a share issue to improve its balance sheet, it has announced.

Billionaire John Fredriksen and the airline‘s chief executive Bjorn Kjos and chairman Bjorn Kise have all agreed to underwrite the rights issue.

The budget airline said it was not in talks with any potential buyers after British Airways owner IAG abandoned its plans to buy it last week.

In early trading on Tuesday, the company‘s shares plunged by 16%.

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