Jet gets shareholders' nod for raising $400 mn

Private airline Jet Airways has secured shareholders' approval to raise up to $400 million at the company's extra ordinary general meeting held today.

"Shareholders at the extra ordinary general meeting of the company held on September 24, 2009 have passed the requisite resolution regarding the issuance of additional capital up to $400 million," Jet said in a filing to the Bombay Stock Exchange.

The airline had earlier said it would raise the amount by private placement of shares with qualified institutional buyers or by Global Depository Receipts (GDRs), American Depository Receipts (ADRs) and Foreign Currency Convertible Bonds (FCCBs).