The Naresh Goyal-owned private air-carrier, Jet Airways, Tuesday said that it was awaiting Government approval to raise $400 million to meet its cash flow requirements.
"We are awaiting the response to our application filed for FIPB approval," Jet Airways' Senior Vice president (Finance) M Shiv Kumar said during a conference call here.
Kumar said that a meeting with the Foreign Investment Promotion Board (FIPB) officials on the issue is slated in New Delhi on October 30.
As the apetite for domestic investment in the aviation sector is not strong, Jet Airways plans to raise funds by selling equity to foreign institutional investors (FIIs) through Qualified Institutional Placement (QIP) route.
When asked about reports that the Government had deferred its approval, Jet Airways Executive Director, Saroj K Datta, said, "these are speculative comments, we don't have to worry about these."
The airline, which today reported a net loss of Rs 406.69 crore for Q2 FY 10 as against Rs 384.5 crore in the year-ago period, proposes to issue 7.92 crore fresh equity shares at a price of Rs 252.5 per share to raise the amount.
Its revenues fell by 26.9 per cent for the second quarter at Rs 2,380.97 crore. Jet Airways had earned revenues of Rs 3,258.45 crore in the same quarter last fiscal.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment