JET AIRWAYS FUND-RAISING
Jet Airways shareholders meet on February 28
Meeting will vote on options to raise &800 million
BY A CORRESPONDENT
February 7, 2006
Jet Airways has called for shareholders meeting on February 28, to
decide on a proposal to raise $800 million. The company may decide to
raise the money through issue of ADRs, GDRs or through sale of foreign
currency convertible bonds. The Jet Airways shareholders meeting will
also vote on a proposal to raise foreign investment limit in the
company from 25% to 49%.
Jet Airways will also seek shareholders' nod to raise $34 billion to
finance its operations expansion. Jet is hoping to raise $800 million
by end of June this year.
Last month, Jet Airways had agreed to acquire smaller rival airline
Air Sahara for about Rs 2300 crore in the first major instance of
airline consolidaton in India. The money for the purchase will come
from internal accruals.
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