Jet Airways defers FCCB, GDR issues

New Delhi: Jet Airways, which expects to get all Government clearances soon for its acquisition of Air Sahara, has decided to delay its $850-million foreign currency convertible bond (FCCB) and global depository receipts (GDR) issues.
"The FCCB is expected in May this year. The important thing is that both are planned this year itself," said Carl Saldanha, Chief Financial Officer.The airline, which had earlier expected to complete the FCCB and GDR issues by the end of March, has decided to delay them because it was not getting the right price.
Jet Airways recently raised funds locally from ICICI Bank and IDFC to make the pre-delivery payments for aircraft it is acquiring.The airline has ordered 30 aircraft at a total cost of $2.5 billion.
17/03/06 Sify

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