Swajas Air to enter market to raise Rs 37 cr

Chennai-based Swajas Air Charters Ltd, a non-scheduled airline operator servicing a fleet of fixed-wing aircraft and helicopters across India, proposes to enter the capital market on September 26, with a public issue of Rs 37.5 crore through 100 per cent book building process.

The issue will close on September 28 and the price band has been fixed at Rs 90 to Rs 100 per equity share of Rs 10 each. The equity shares are proposed to be listed on the BSE and NSE, according to a company release.

The company proposes to utilise the net proceeds of the issue to part finance the fleet expansion, finance the setting up of maintenance, repair and overhaul / hangar facility, finance the purchase of office building or space, meet the working capital requirements and general corporate purposes.

An amount of Rs 5.03 crore, consisting of Rs 4.55 crore for initial payment for the acquisition of Bell 407 helicopter and Rs 47.78 lakh of related expenses, has already been deployed.

It was funded from the fresh issue of shares at a premium.