Goyal says open to diluting up to 20% stake in Jet Air

Mumbai: Even as Jet Airways awaits final clearance from the Government for its $400-million fund raising plan, Mr Naresh Goyal, Chairman and promoter, said on Thursday, he is open to diluting up to 20 per cent of his holding.
“I am comfortable with anything up to 20 per cent,” said Mr Goyal, responding to reporters' queries on Jet's fund raising plans and dilution of his stake in return. He was speaking on the sidelines of the company's annual general meeting.
At present, Mr Goyal holds nearly 80 per cent in Jet Airways through Tail Winds Ltd. The company had sought FIPB (Foreign Investment Promotion Board) approval to raise $400 million through QIP (Qualified Institutional Placement) in October 2009.
It was in 2007 that Jet had expressed its intention to raise $400 million through a rights issue and at that time Mr Goyal was open to diluting 5-10 per cent of his promoter holding. However, that plan did not take off due to unfavourable market conditions. In April 2008, he announced that he was open to all sources of funding and that the rights issue would follow once the “markets settled”.
26/08/10 Business Line

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Categories: Jet Airways Aug 2010