Fast-growing Indian low-cost carrier Air Deccan has completed a cash-raising exercise that has given it another $40 million to support its expansion.
In December Air Deccan agreed to sell a sizeable minority stake to a group of new local and foreign investors. It says that the deal has been formally completed with local group ICICI Venture Funds and US-based Capital International jointly committing $40 million in return for convertible debentures, says the carrier.
It originally said the investment would give the group a 26% shareholding but it now says it will be less than this, although an exact percentage is not provided.
Source: Airline Business