Jet Airways has sought the approval of shareholders to raise up to USD 300 million (about Rs 1,843 crore) through issue of securities to Etihad on a private placement basis.
Jet Airways has sought the approval of shareholders to raise up to USD 300 million (about Rs 1,843 crore) through issue of securities to Etihad on a private placement basis.
UAE-based Etihad Airways PJSC holds 24 percent stake in the domestic carrier.
Jet Airways plans to raise up to USD 300 million through the issue of securities to Etihad, according to a postal ballot notice sent to its shareholders seeking their approval for the proposal.
It has sought nod "to offer, issue and allot secured and/ or unsecured, listed and/or unlisted non-convertible debentures and/or subordinated debt instruments and/or other debt securities or bonds for an aggregate value of up to USD 300 million on a private placement basis to Etihad Airways...", the notice said.
During the quarter ended September 2014, Jet Airways had reported 96 percent reduction in net losses on a one-time income by way of sale of JPmiles to Etihad. The Rs 305 crore income from sale of its loyalty programme to equity partner Etihad helped Jet slash losses by 95.7 percent to Rs 43 crore.
It had reported a whopping Rs 999 crore net loss in the same period a year ago. Shares of the company closed marginally down at Rs 434.85 on the BSE.
Jet Airways stock price
On January 23, 2015, Jet Airways closed at Rs 434.85, down Rs 1.65, or 0.38 percent. The 52-week high of the share was Rs 474.95 and the 52-week low was Rs 203.50.
The latest book value of the company is Rs -196.11 per share. At current value, the price-to-book value of the company was -2.22.
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