Birmingham transport group National Express has received more than 90 per cent backing for its rights issue after the Cosmen family invested £74 million.
Shareholders in the Edgbaston-based firm subscribed for 323 million shares at 105p a share.
The Cosmens have publicly criticised the National Express board in the recent past after walking away from merger talks in October with rival Stagecoach.
Money raised from the rights issue will go towards reducing the company’s £1.1 billion debt, and help to avoid a large fine for missing repayments due at the end of the year.
Joint global co-ordinators BofA Merrill Lynch and Morgan Stanley will now try and find homes for the remaining 34 million shares.
National Express has taken a pounding in recent months after it gave up its East Coast mainline rail franchise, handing over control of the London and Edinburgh route to the government on November 13.
The group will release a pre-close trading update on Monday.