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Home / Companies / News /  Jet Airways seeks to raise $840 million from share sale: Report

BENGALURU : Jet Airways Ltd plans to raise about $840 million from a government fund and a rights issue, Business Television India said, a day after the company's board approved a deal for some lenders to infuse funds and restructure debt.

National Investment and Infrastructure Fund will funnel 1,500 crore ($210 million) into the debt-laden carrier for a 20% stake and Jet may propose to raise 4,500 crore via a rights issue priced at 125-150 per share, Business Television India reported, citing sources.

Jet said on Thursday its board had approved a rescue deal that will make its lenders its largest shareholders and fix a near 8,500 crore ($1.2 billion) funding gap.

Jet and the fund were not immediately available for comment.

Shares in Jet were volatile, dropping as much as 4.8% when trading opened on Friday and rising as much as 7.5% later as investors cheered the rescue deal. The stock was at 232 in the afternoon.

Also read: Jet Airways, on the verge of collapse, now close to a bailout

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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