Friday, June 02, 2006

Jagson to sell 20-25 pct equity

New Delhi: India's Jagson Airlines Ltd. said on Thursday it planned to sell 20 to 25 percent of equity to domestic and foreign investors as it prepares to begin scheduled flights of its first Airbus aircraft.
Company officials said stake sale talks with a foreign investor were at an advanced stage.
"It would be to a foreign venture capital investor and a consortium of domestic investors," Uttam Kumar Bose, Jagson's president and CEO told Reuters in an interview."About 51 percent is currently held by the promoters. We will also have a follow-on public offer in late-2007."
New Delhi-based Jagson, which currently operates three Dornier aircraft and three helicopters on charter flights, placed a $1.3-billion order in February for 20 Airbus A321 aircraft.
The company's first Airbus will arrive in June, and the first commercial flight is scheduled to take off on the Chennai-Bangalore-Delhi sector on July 15.
01/06/06 Reuters/
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