Jet Airways plans to raise $400mn

MUMBAI: Private carrier Jet Airways, which recently acquired rival Air Sahara, on Tuesday said it plans to raise 400 million dollar.

"The board of directors at its meeting on June 26 would consider issuance of equity shares on a rights basis for an amount of up to 400 million dollar 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 March 31 and recommend dividend for 2006-07.

The shares of Jet were up 1.06 per cent in intra-day trading at Rs 793.10 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.