In a move to boost its finances, Avis Europe, has declared its plans to raise £151 million from investors. Avis Europe is a car hire group.

The rights issue is very economical and has got the green signal from D'Ieteren, which has 60% of the Company’s shares. D'Ieteren is a Company located in Brussels, which monitors services.

Avis provides automobiles to around seven million customers per year. It is made possible through the Avis and Budget brands. The Company has also come up with fresh credit facilities, which will replace the present arrangement that was slated to expire in February.

The total debt of the Company has also been decreased, considerably. The debt was 812 million Euros at the end of May. Avis has revealed that supplementary reserves produced from the issue of new shares will be instrumental in aiming for more growth opportunities.

The income from hiring saw an increase in the month of March. The increase was witnessed for the first time since May 2008.

The Company has a lesser demand in the countries like Germany, France, Spain and Italy. However, the UK has delivered a flexible performance as the Company’s market share increases.