Goyal in no hurry to dilute stake in Jet AirwaysApril 3rd, 2008 - 7:59 pm ICT by admin
Mumbai, April 3 (IANS) Jet Airways chairman Naresh Goyal said he was in no hurry to dilute promoters’ holding to 75 percent as per SEBI guidelines. Earlier, Goyal planned to sell five percent of his equity in the airlines before the end of March to a private equity player. Goyal holds close to 80 percent in Jet through Tail Winds.
According to SEBI guidelines, his stake needs to be brought down to 75 percent.
Once the dilution of five percent stake takes place, Jet would go ahead with its $400 million rights issue. “We will bring up the rights issue at the right time,” Goyal said.
Jet is raising $400 million to partly finance its $2 billion aircraft acquisition.
In January, Jet’s board authorised the management to raise up to $800 million through qualified institutional placement and other modes, including the $400 million rights share issue.
Tags: aircraft acquisition, airlines, dilution, hurry, institutional placement, jet airways, modes, mumbai, naresh goyal, percent stake, private equity, promoters, right time, s board, sebi guidelines, share issue, tail winds