Jet Airways' shares rise over 4% on fund raising plans

Stocks of Jet Airways gained over 4 per cent today as the company will seek shareholders' approval next month to raise up to USD 400 million (over Rs 2,500 crore) through issue of securities on private placement basis.

The stock jumped 4.18 per cent to Rs 427 on the BSE.

At the NSE, it went up by 4.32 per cent to Rs 427.40.

The airline plans to issue "secured and/or unsecured, listed and/or unlisted non-convertible debentures and/or subordinated debt instruments and/or other debt securities or bonds".

The overall value of these securities would be up to USD 400 million, according to the notice sent by the carrier to shareholders for an extraordinary general meeting to be held on May 16.

The proposed amount would be within the company's overall borrowing limit.

Meanwhile, in the broader market, the benchmark BSE Sensex was trading lower by 143 points at 27,747.13 at 1215 hours.