Jet Airways to raise $800 million

Jet Airways India, which recently acquired Sahara Airlines, may come out with a public offering in the domestic and/or international markets.

Jet Airways has informed the BSE that an extraordinary general meeting (EGM) will be held on February 28 to discuss the issue and allotment of one or more public offering(s) in India or abroad of $800 million, including a greenshoe option.

The EGM will also discuss enhancement of investment limits of foreign institutional investors, including their sub-accounts, from 24 per cent to 49 per cent of the paid-up share capital, subject to necessary approvals and provisions.

The EGM will further discuss about the amount that the company can borrow. The funds to be borrowed together with funds already borrowed by the company (apart from temporary loans obtained from the company's bankers in the ordinary course of business) and remaining outstanding at any point of time, will exceed the aggregate of the paid-up share capital and its free reserves.

But the total amount to be borrowed shall not exceed Rs 150 billion, subject to approvals and provisions, the company said in its notice.