ROLLS-ROYCE has unveiled a £2 billion investor cash call as part of a package to bolster its balance sheet in the face of the coronavirus crisis.

The engine maker, which had employed 1,300 at Inchinnan in Renfrewshire – it’s second largest UK aerospace base – before the pandemic, announced the rights issue alongside a bond sale to raise at least another £1bn, as well as a further £2bn in loan support, as its share price hit a 17-year low.

Derby headquartered Rolls-Royce said the fundraising would help it weather wider economic risks from the pandemic, which has hammered the aerospace industry.

Shares have been under-pressure with down to its lowest level since 2003 following recent heavy falls.

READ MORE: Rolls-Royce’s future in Scotland ‘under review’

The plans comes on top of a major restructuring announced by the engineering giant in May that will see it axe at least 9,000 jobs globally in response to the crisis - 3,000 of which will be in the UK.

Around 4,800 roles had already gone by the end of August and 5,000 or more will go in total by January, it said.

In Scotland, around 450 employees had left Inchinnan through the voluntary scheme by the end of August, with about 65 set to leave on compulsory redundancy although the company is working to reduce this figure.

More than 100 Inchinnan staff have been redeployed into roles across Rolls-Royce, but a further 100 staff are expected to leave by the end of the year.

Last month, the company slid to a £5.4bn half-year loss as it was battered by the downturn in air travel. On an underlying basis the loss was £3.2bn against profits of £93m.

In a brief update on trading on Thursday, it said revenues and underlying earnings are “materially” lower for the first eight months of the year.

It is not expecting to return to strong cash generation until 2022. Rolls-Royce shares closed down 10 per cent at 116.8p.