Jet Airways raises nearly Rs 700 crore via NCDs

Private carrier Jet Airways today said it has raised nearly Rs 700 crore through issuance of non-convertible debentures.
Allotment of 6,989 redeemable non-convertible debentures on private placement basis was approved by the airline's committee of directors at its meeting on Wednesday.
The committee has allotted "6,989 rated, listed, taxable, unsecured, redeemable non-convertible debentures (NCDs) of Rs 10,00,000 each for cash at par aggregating Rs 698.9 crore on private placement basis," Jet Airways said in a regulatory filing.
Details about the buyer of these NCDs could not be ascertained immediately.
The carrier posted a consolidated net profit of Rs 226.4 crore for the first quarter ended June 30 on the back of higher revenues and increase in passenger traffic. It had reported a loss of Rs 258 crore in the same period a year ago.

In the first quarter of the current financial year, the airline saw its revenues jump to Rs 5,658 crore compared with Rs 5,097 crore in the year-ago period.
The stock fell nearly one per cent to close at Rs 321.95 on BSE.