Jet Airways to mull raising 400 million dollar, plans Jetlite soon

Mumbai: India's largest private carrier, Jet Airways, fresh from its acquisition of smaller rival Air Sahara, has now informed the Bombay Stock Exchange that it plans to raise $400 million (about Rs1,600 crore) through the issuance of equity.

"The board of directors at its meeting on June 26 would consider issuance of equity shares on a rights basis for an amount of up to 400 million dollar or an equivalent amount in Indian Rupees," Jet Airways informed Bombay Stock Exchange.

The proposal also comes with Jet Airways announcing plans to launch low-cost arm, JetLite, in the coming months.

The company also said that it would consider the audited financial results for the fourth quarter, and year ended March 31, and recommend dividend for 2006-07.

Jet Airways Executive Director, Saroj Dutta, had said earlier this month that the company was open to raise additional resources to fund its expansion plans.

Jet Airways chief, Naresh Goyal, had earlier said that all necessary government clearances for JetLite had been received and the company might also operate JetLite on international sectors in the future.