Naresh Goyal-promoted Jet Airways is believed to be in preliminary talks with leading international private equity players for offloading a minority stake in JetLite, the name given to Air Sahara that it acquired three months ago for Rs 1,450 crore.
Global investment companies and equity funds like Dubai-based Istithmar PSJC, US private equity firms Texas Pacific Group and Blackstone and Singapore’s investment holding company Temasek Holdings have been approached by merchant bankers associated with the talks.
Sources close to the development said Jet Airways, which is readying itself for a $400 million rights issue to fund its expansion plans, may dilute up to 25 per cent in JetLite. Jet Airways Executive Director Saroj Datta, however, denied that talks were on for divesting equity.Jet Airways has been looking for capital to finance its international operations and aircraft acquisition.
Read more in The Business Standard article.
Showing posts with label JetLite. Show all posts
Showing posts with label JetLite. Show all posts
Monday, July 2, 2007
Tuesday, June 26, 2007
Jet FY-08 net dips 94 pc; to raise $400 mn
Private carrier Jet Airways India, which recently acquired rival Air Sahara, on Tuesday posted a 93.8 per cent dip in net profit at Rs 27.94 crore for the fiscal ended March 31, as compared to Rs 452.04 crore in the previous year.
The carrier's total income increased 21.5 per cent to Rs 7,401.31 crore for the fiscal from Rs 6,087.57 crore a year ago, it informed the Bombay Stock Exchange (BSE).Jet Airways' net profit for the fourth quarter ended March 31 declined 61.24 per cent at Rs 88.01 crore, as compared to Rs 227.12 crore for the same period last year.
The fund raising comes close on the heels of Jet Airways buying Air Sahara in April this year and its plans to launch low-cost arm, JetLite, in the next few months.
The airline chief Naresh Goyal had earlier said all necessary government clearances for JetLite have been received. The company might operate JetLite on international sectors in future.
Read more in The Economic Times article.
The carrier's total income increased 21.5 per cent to Rs 7,401.31 crore for the fiscal from Rs 6,087.57 crore a year ago, it informed the Bombay Stock Exchange (BSE).Jet Airways' net profit for the fourth quarter ended March 31 declined 61.24 per cent at Rs 88.01 crore, as compared to Rs 227.12 crore for the same period last year.
The fund raising comes close on the heels of Jet Airways buying Air Sahara in April this year and its plans to launch low-cost arm, JetLite, in the next few months.
The airline chief Naresh Goyal had earlier said all necessary government clearances for JetLite have been received. The company might operate JetLite on international sectors in future.
Read more in The Economic Times article.
Tuesday, June 19, 2007
Jet Airways plans to raise $400 mn
Private carrier Jet Airways, which recently acquired rival Air Sahara, said on 19 June it plans to raise $400 million (Rs1,600 crore).“The board of directors at its meeting on 26 June would consider issuance of equity shares on a rights basis for an amount of up to $400 million or an equivalent amount in Indian Rupees,” Jet Airways informed Bombay Stock Exchange.
The proposal comes close on the heels of Jet Airways buying Air Sahara in April this year and its plans to launch low-cost arm, JetLite, in the next few months.The company would also consider the audited financial results for the fourth quarter and year ended 31 March and recommend dividend for 2006-07.
The shares of Jet were up 1.06% in intra-day trading at Rs793.10 on the BSE.
Jet Airways executive director Saroj Dutta had said earlier this month the company was open to raise additional resources to fund its expansion plans.The airline chief Naresh Goyal had said earlier that all necessary government clearances for JetLite had been received and the company might operate JetLite on international sectors in the future.
The proposal comes close on the heels of Jet Airways buying Air Sahara in April this year and its plans to launch low-cost arm, JetLite, in the next few months.The company would also consider the audited financial results for the fourth quarter and year ended 31 March and recommend dividend for 2006-07.
The shares of Jet were up 1.06% in intra-day trading at Rs793.10 on the BSE.
Jet Airways executive director Saroj Dutta had said earlier this month the company was open to raise additional resources to fund its expansion plans.The airline chief Naresh Goyal had said earlier that all necessary government clearances for JetLite had been received and the company might operate JetLite on international sectors in the future.
Subscribe to:
Posts (Atom)
