Minutes from the Jet Airways' 18th annual general meeting, provided more options on the company's capital raising plans.
At the general meeting, Dinseh Lakhani suggested the privately-owned Indian carrier should issue foreign currency convertible bonds or global depository receipts instead of making a qualified intuitional placement. Alternatively, he suggested the company should raise funds through a rights issue at reasonable premium in the ration of 1:1 for its shareholders. He also suggested that, with the permission of the Reserve Bank of India, the company use the external commercial borrowing route to repay debts.
Last month the board of directors of Jet Airways received approval to increase capital by up to $400 million.
The company is still eyeing various options for the additional funding.
According to the document, the capital raising could be in one or more offering (s) or in one or more tranches.
Source: Commercial Aviation Online
