Jet board nod for $400mn rights issue

The board of Jet Airways India has, at its meeting held today, approved a rights offering of up to $400 million or an equivalent amount in Indian rupees.

According to an official release issued by the company to the BSE today, further decisions including pricing, basis, etc. will be taken by the committee of the board which has been empowered to do so.

The board has also recommended a dividend of 60% (Rs 6 per share) for FY07.