Jet Airways delays $400 million rights issue

05 September 2007

Mumbai: The recent turmoil in the global credit markets has led Jet Airways, India''s top private airline, to delay a planned $400 million rights issue, chairman Naresh Goyal said on Tuesday 4 September.

Jet Airways Ltd, the country''s biggest private airline, is delaying a planned $400 million rights issue amidst global market turmoil.

"It is delayed by two to three months, but we are OK even without the rights issue," chairman Naresh Goyal told reporters at a news conference ahead of its first New Delhi-Toronto flight.

"Banks are still willing to lend, but we have decided to delay it," he said.

Jet''s Airways'' board had approved raising up to $400 million by way of a rights issue in June to finance its expansion and overhaul of Air Sahara, which it bought in April.

Jet launched its US flights in August. It plans to add 50 destinations in Europe and more flights to North America, Goyal said. It also flies to South and Southeast Asia and London.