Mumbai: Jet Airways has sought approval of shareholders to raise $300 million (Rs 1,800 crore) through issue of non-convertible debentures to strategic partner and co-owner Etihad Airways.
In November, the airline board approved the proposal to raise $300 million in debt from a “shareholder”. The airline's notification in November did not name the shareholder.
However, the notice to shareholders seeks nod to raise $300 million from Etihad or any other corporate or trust.
Etihad had also helped Jet refinance Rs 1,800 crore of its high-cost debt. Jet has reduced debt from Rs 10,500 crore to Rs 9,800 crore by end-July. The annual interest is Rs 1,000 crore.
Jet cut its consolidated loss by 95 per cent to Rs 43 crore in the July-September quarter of the current financial year from Rs 999 crore a year ago.
20/01/15 Business Standard
To Read the News in full at Source, Click the Headline
In November, the airline board approved the proposal to raise $300 million in debt from a “shareholder”. The airline's notification in November did not name the shareholder.
However, the notice to shareholders seeks nod to raise $300 million from Etihad or any other corporate or trust.
Etihad had also helped Jet refinance Rs 1,800 crore of its high-cost debt. Jet has reduced debt from Rs 10,500 crore to Rs 9,800 crore by end-July. The annual interest is Rs 1,000 crore.
Jet cut its consolidated loss by 95 per cent to Rs 43 crore in the July-September quarter of the current financial year from Rs 999 crore a year ago.
20/01/15 Business Standard
