Boeing to raise more than expected from new stock offering

New York: US aircraft maker Boeing said Tuesday it will raise more money than initially expected from a new stock offering to offset crushing producti...

New York: US aircraft maker Boeing said Tuesday it will raise more money than initially expected from a new stock offering to offset crushing production woes and a major strike.

The company is now expected to raise at least $21 billion, it said a day after announcing a stock offering valued at up to $19 billion.

The proceeds will go towards repaying debt and investing in its subsidiaries.

The aviation giant's move comes after it reported a whopping $6.2 billion quarterly loss last week in the wake of a paralyzing labor strike.

Boeing said on Monday it was offering 90 million shares of common stock -- valued at around $13.9 billion at current market prices -- in addition to $5 billion in depositary shares.