Jet Airways to retire Rs 2,500 cr debt, to raise Rs 1,000 cr this fiscal

Mumbai: After reporting a surprise profit of Rs 36.4 crore in quarter to June, the country's largest airline Jet Airways Group today said it will retire around Rs 2,500 crore of its nearly Rs 14,000 crore debt this fiscal, but will have to raise at least Rs 1,100 crore to improve the balance sheet.
"We are planning to retire around $400 million of our $2.5-billion debt this fiscal. Along with, we also need around $180 million to improve our balance sheet. We will achieve this through sale, and sale and lease back of some planes," Jet Group chairman and founder Naresh Goyal told the airline's AGM here.
However, Goyal did not specify how he will bring in this Rs 1,100 crore. He was also silent on the much-delayed preferential issue through a QIP, but just said, "We are yet to decide the instrument." As much as 80 perc ent of this debt, Goyal said, is asset-backed and dollar-denominated.
03/08/12 PTI/Economic Times

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Categories: Jet Airways Aug 2012