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Alitalia shareholders back 300 mln euro cash call

ALBERTO PIZZOLI | AFP | Getty Images

Shareholders in loss-making Italian airline Alitalia approved on Tuesday a capital increase for up to 300 million euros ($407.58 million).

The shareholders have 30 days to decide whether to subscribe to the cash call as of Oct. 16.

(Read more: Italy seeks Alitalia rescue despite doubts on business logic)

Alitalia said in a statement that Poste Italiane was expected to guarantee an investment of 75 million euros if shareholders were not to buy into the entire cash call. Similarly, banks Intesa SanPaolo <ISP.MI> and UniCredit <CRDI.MI> would guarantee up to 100 million euros.

Alitalia said its board members were ready to resign after the rights issue due to the possible changes in the group's ownership structure.

(Read more: Air France-KLM's stand unclear for Alitalia capital increase)