Jet Airways shareholders approve 400 million Dollars fund-raising plan
Jet Airways is yet to decide on the fund-raising instrument. As reported, the company has sought the governmentтЂ™s permission to sell shares to overseas investors as it may be hard to raise 400 million Dollars from domestic investors alone.Any share sale will result in dilution of shareholding of the promoters who hold 80 percent in the company. The Jet Airways stock slipped 0.35 percent to close at Rs 311 on BSE.
The domestic aviation industry has been badly hit by surging crude oil prices last calendar year, which touched a high of 147 Dollars per barrel in September last year. With economic slowdown making people go for cheaper options, full-service airlines have been forced to keep their fares very low to check travellers from moving to low-cost carriers. In the process, they are piling up losses, while budget carriers such as IndiGo and SpiceJet are making money. Jet Airways suffered a net loss of Rs 225 crore for the quarter ended June 30, 2009, on a total income of Rs 2,428 crore. It posted highest-ever loss of Rs 961 crore in the year ended March 31, 2009.
Jet Airways will launch its second daily flight to Hong Kong from India on September 30, with daily services on the Delhi-Hong Kong sector.
Jet Airways has rescheduled its Delhi-Patna-Delhi flight with effect from October 1. The flight would now take off from Delhi at 6.40 pm and reach Patna at 8.15 pm.
On its return journey from Patna, the flight would leave at 8.50 pm and reach Delhi at 10.15 pm, airlines sources said. At present the flight leaves Patna at 9.30 pm