Qantas has blamed poor takeup of its latest share offer on tightened border restrictions after only five per cent of shareholders participated.

The airline has raised $71.7 million from retail investors via its share purchase plan – well short of its $500 million target.

The airline said five per cent of 173,343 eligible shareholders participated. The offer was open for two weeks to August 5.

States and territory border officials across the country have manned checkpoints to control who enters a jurisdiction as part of efforts to slow the spread of the coronavirus.

Qantas said the border restrictions and their implications for travel demand had an obvious impact on the share price and takeup of the offer.

Those who participated in the recent share offer paid $3.18 per share, a 2.5 per cent discount on the five day volume weighted average price of $3.26 per share.

At 1343 AEST, Qantas shares were trading higher by 3.01 per cent to $3.42 per share.

The airline had a better result from an offer to institutional investors in June, in which it raised $1.36 billion.

The latest share offer result adds to the pressures facing Qantas. In June, the airline slashed 6,000 jobs and said it will cut $15 billion in costs over three years due to the challenges of the coronavirus pandemic.

Demand for long haul international flights is not expected to recover for years.