Jet plans share sale to institutional investors

Mumbai: Jet Airways India's largest carrier by market value, plans to sell shares to institutional investors as part of its $400-million (Dh1.5 billion) fund-raising for working capital and to reduce debt.
Jet Airways aims to raise the cash within the next three months to repay some "high-cost" debt, K.G. Vishwanath, vice-president, said.
Developers Indiabulls Real Estate and Unitech led Indian companies in raising Rs55 billion (Dh4.2 billion) from QIPS, during the second quarter, the most in at least six quarters since a record Rs130 billion was raised in the three months ended December 31, 2007, according to Bloomberg data.
The securities regulator began allowing companies to sell shares through the QIP process in May 2006 following complaints that domestic stock sales took too long to complete, forcing companies to raise money overseas.
13/09/09 Bloomberg/Gulf News, UAE

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Categories: Jet Airways Sep 2009