Jet to raise $800 mn in rights, placement

Written by Reuters | Mumbai, January 28: | Updated: Jan 28 2008, 23:26pm hrs
Jet Airways Ltd, India's top private carrier, said on Monday it aims to raise up to $800 million, including a rights share offering for half the amount that was approved in June last year.

The airline may consider a placement of shares with institutions for the remainder, Jet said in a statement.

The company plans to use the money to fund expansion plans and for an overhaul of Air Sahara, which it bought in April 2007 and has since renamed JetLite.

Shares in Jet, which posted a net loss of Rs 911.2 million in the fiscal third quarter ended Dec. 31 against a profit of 400.4 million a year ago, ended 0.7 per cent higher at Rs 748.05 in Mumbai market.