Jet Airways is planning to raise $400 million through non-convertible debentures (NCDs) or bonds to fund expansion. In this regard, the company has already received its shareholders’ approval. An extra-ordinary general body meeting to approve the plan was held last month.
Jet Airways founder-promoter Naresh Goyal owns 51 percent in the airline. In 2013, Etihad picked up a 24 percent stake in Jet investing $379 million (Rs 2,057 crore). Etihad had also purchased 50.5 percent in Jet’s frequent-flyer programme for $150 million, as part of its investment commitment in Jet.
Jet Airways currently operates a fleet of 116 aircraft, which include a mix of state-of-the-art Boeing 777-300 ERs/Airbus A330-200/300 aircraft, Next Generation Boeing 737s and ATR 72-500/600s, and has one of the youngest fleet in the region with an average of 6.01 years.
