El Al has disclosed the initial results of its share issue, through which it had intended to raise proceeds of 505 million shekels ($145 million).

The issue was launched on 16 September.

El Al had been offering 753.35 million shares of which the government had been lined up to take 393.75 million at the basic minimum price of 0.671 shekels.

It says it received orders for purchasing 578.19 million shares at above the standard price, which were accepted “in full”.

The airline adds that it also accepted 44% of base-price offers made for a total of 396.76 million shares – making up the balance of the issue.

While the airline has yet to detail the shareholder breakdown, Israeli publication Globes is reporting that investor Eli Rozenberg has acquired a 42.85% stake, which would be larger than that held by previous main shareholder Knafaim Holdings.

El Al had stated in preliminary documentation ahead of the issue that, depending on whether other investors bought into the offer, the government would hold between about 32% and 44.9% of the airline after taking its stake.

Its share issue is intended to complement a $250 million debt-raising, providing total funds of around $400 million to the embattled airline.