Jet to raise USD 400 mn from rights issue

Mumbai, June 19 (UNI) Private aviation airline Jet airways today announced that it will consider raising US 400 million dollars from equities through a follow-on offer at its director board meeting, scheduled to be held on June 26.

Jet's public offer follows its Rs 1,900 initial public offer (IPO) held in February, 2005, which was held as a fully book-built process.

The IPO, which had a price band in the range of of Rs 950-Rs 1125 per share, had been oversubscribed 15 times at that time.

Jet has recently acquired Air Sahara for Rs 1,450 crore and is learned to have shown interest in acquiring stakes in other carriers also.

In a notification to bourses today, Jet said ''The director board at its meeting on June 26 would consider issuance of equity shares on a rights basis for an amount of up to USD 400 million or an equivalent amount in Indian rupees.'' The director board will also announce the annual financial results of the company at the said meeting as well as considering dividends to shareholders.

Jet operates over 340 flights daily across 44 destinations within India and to overseas destinations including Nepal, Sri Lanka, Singapore, Malaysia, United Kingdom, Thailand, Belgium and US.

UNI