Aston Martin said Friday its shareholders approved a plan to inject 125 million pounds ($168 million) in new capital as the automaker tries to turnaround its money-losing business.
The capital injection, Aston Martin’s third this year, was announced in October along with plans that Mercedes-Benz would lift its stake in the British company to up to 20 percent by 2023, making it one of Aston Martin’s largest shareholders.
The October plan involves Mercedes getting shares in exchange for expanding an existing supply deal, giving Aston Martin access to key Mercedes’ technology such as hybrid and electric drive systems. It did not involve any cash from the German automaker.
A consortium led by Canadian billionaire Lawrence Stroll earlier this year agreed to buy up to 25 percent of Aston Martin.
The company in June raised 152 million pounds ($205 million) in equity.
