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Swajas Air Charters IPO gets dismal response on day one

26 Sep 2011 Evaluate

Swajas Air Charters, Non-Scheduled Airline Operator, initial public offer (IPO) got dismal response on first day of issue. As per the data available with the NSE, total bid of 360 shares were received for the issue of 4166667 shares, 300 bids were received at the cut-off price.

The company is planning to raise Rs 3,750 lakhs through this IPO and has set price band of Rs 90 to Rs 100. The issue opens on September 26 and closes on September 28, 2011. Aryaman Financial Services is the book running lead manager and Cameo Corporate Services is the registrar to the issue.

The company intends to utilize the issue proceeds to part finance the fleet expansion; finance the setting up of MRO/hangar facility; finance the purchase of office building / space; finance the working capital requirements and general corporate purposes.

Swajas Air Charters is a Non-Scheduled Airline Operator servicing a fleet of fixed-wing aircraft and helicopters across India. The company has gradually grown to dry lease and wet lease a number of helicopters and aircrafts of its own and has become one of the key Non-Scheduled Operator in Southern India having gained experience over the years. The services provided can fulfill various Aviation requirements which range from corporate travel to emergency medical services as well as from aircraft management to maintenance and technical support.

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