MUMBAI : Jet Airways (India) Ltd (JET.BO: Quote, Profile, Research), the country\'s largest private carrier, aims to raise up to $200 million initially through a share placement with institutions to help reduce its debt, a company official said on Monday.
\"It will be finalised over the next 3-4 weeks. Our initial tranche will be somewhere between $150 to $200 million,\" Senior Vice President M. Shiv Kumar told reporters on a conference call.
Chief Executive Nikos Kardassis said the company would eventually look to raise the $400 million, that was approved by India\'s cabinet in December. [ID:nDEL002484]
The funds would be used primarily to cut the airline\'s debt that currently stands at 142.1 billion rupees ($3.1 billion). Jet\'s debt to equity ratio was about 7:1, Shiv Kumar said.
The carrier earlier reported a net profit of 1.06 billion rupees for the fiscal third quarter ended December from a net loss of 2.14 billion rupees a year ago, helped by higher load factors and growing domestic traffic.
News From: http://www.Time2timeNews.com
Monday, January 25, 2010
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