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Jet to raise $800 mn; seeks shareholders' nod

Jet Airways India to raise $800 million through issue of international or domestic offerings.

india Updated: Feb 05, 2006 14:08 IST

Leading private carrier Jet Airways India Ltd said on Saturday that it will raise $800 million through issue of international or domestic offerings.

The airline in a notice to the Bombay Stock Exchange said that the EGM of the shareholders will be held on February 28 to approve the offer and issue of equity shares, Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs) or any other permitted securities or instruments, convertible into equity shares in one or more foreign markets or in domestic markets of up to 800 million dollars.

The airline, which last month announced a deal to acquire rival Air Sahara for $500 million in cash, has committed itself to a three billion dollar fleet expansion plan.

The EGM will also consider the enhancement of the investment limits of Foreign Institutional Investors including their sub-accounts in the company up to an aggregate limit of 49 per cent from 24 per cent of the paid up share capital of the company, subject to necessary approvals and provisions, it said.

The shareholders will also authorise the board to borrow, as and when needed, up to and not exceeding Rs 15,000 crore for funding the business.

First Published: Feb 04, 2006 13:29 IST