New Delhi : Jet Airways has received nearly Rs 700 crore fresh investment from a special purpose vehicle created by its strategic partner Etihad and the funds are likely to be utilised for refinancing debt. Abu Dhabi-based Etihad Airways currently holds 24 % stake in the domestic carrier. Jet Airways said on Thursday it has issued nearly Rs 700 crore worth non-convertible debentures on private placement basis.
Sources told PTI that EA Partners IBV, which is a special purpose vehicle formed by Etihad Airways with its equity partners, has subscribed to the non-convertible debentures.
The funds are likely to be used by Jet Airways to refinance existing debt. The group had an overall debt of Rs 11,072 crore or about USD 1.74 billion at the end of June. Shares of the airline fell nearly 1 % to close at Rs 321.95 on BSE. Jet Airways reported a consolidated net profit of Rs 226.4 crore for the first quarter ended June 30, helped by higher revenues and increase in passenger traffic.
