Jet to raise $150-200 mn in 3-4 weeks

Jet Airways plans to complete its first tranche of fund raising of around $150-200 million over the next 3-4 weeks, a senior company official said.

"The initial tranche would be somewhere between $150 million and $200 million and would be finalised in the next 3-4 weeks," Jet Airways Senior Vice-President M Shiv Kumar told reporters here today.

The company had recently announced a $400-million fund raising programme, for which it has received government approval.

The first tranche of funding would be through placement of shares with institutions to reduce debt, Kumar said.

The company's debt currently stands at Rs 14,200 crore and its debt-equity ratio at about 7:1, he said.

The private air-carrier's CEO Nikos Kordassis said the company's plan is to raise $400 million.

"Our plan eventually is to raise $400 million," Kordassis said.