Air New Zealand shareholders who didn't take up shares in the airline's capital raise will get 28c for each of their shares.

The airline today announced that it has completed the shortfall bookbuild component of its 2 for 1 pro rata renounceable rights offer.

The price represents a premium of 28c a share over the offer price of 53c a share.

The bookbuild of 274 million shares was supported by existing shareholders and new investors and a price of 81c per share was determined the same as a theoretical ex-rights price the airline set for its shares at the start of the capital raise.

A total of $1.2 billion was raised under the rights offer and shortfall bookbuild. These proceeds will be used to repay the airline's existing Crown loan, strengthen its balance sheet, improve liquidity and help position the airline for recovery. It will raise a further $1b in debt.

Eligible shareholders who elected not to take up their entitlements and ineligible shareholders will be paid the bookbuild premium on May 16.

Due to demand in the bookbuild scaling has been applied and refunds will be processed by May 16.

Air New Zealand chair, Dame Therese Walsh, said the rights offer was structured to provide all eligible Air New Zealand shareholders with a fair opportunity to participate in the equity raise or receive value for their rights.

''We are delighted with the level of support shown for Air New Zealand by existing and new shareholders and to have been able to return value to those shareholders who did not or were ineligible to participate."

Trading of new shares issued under the rights offer and shortfall bookbuild is expected to start next Monday.

All new shares issued under the Rights Offer will rank equally with Air New Zealand's existing ordinary shares.

Before trading was halted early yesterday Air New Zealand shares were at 87c but fell 5c when trading resumed this morning.