Jet to float $400m rights issue

Mumbai: Jet Airways announced on Sunday that it would soon offer a rights issue worth $400 million to all its existing shareholders. The funds accrued would mainly be utilised towards the airline’s fleet expansion programme.
Jet Airways also plans to raise an initial corpus of $ 50 million through the private placement route to inject liquidity in Jetlite — the proposed conversion of its recently acquired Air Sahara into a full-fledged low-cost airline.
Speaking at the function in Mumbai to mark the delivery of the first batch of Boeing 777-300 and Airbus 330-200 aircraft, Jet Airways chairman Naresh Goyal said: "By the end of the year 2007, Jet Airways would also float a full-fledged cargo airline to cash-in on the boom witnessed in the logistics sector across the globe. We have already appointed a senior executive of an American cargo airline, Mr Jayshreenath to head the Jet-Cargo operations which would base its main hub in Brussels in Belgium," added Mr Goyal.
13/05/07 The Asian Age

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Categories: Jet Airways May 2007