Jet Airways Delays Share Sale as Indian Market Falls

Mumbai/New Delhi: Jet Airways (India) Ltd., whose shares have fallen by a third since its initial public offering, has delayed an additional $300 million sale after the local stock market had its biggest monthly decline in two years.
Jet Airways now plans to sell the shares to Indian investors by October after delaying the sale from the end of August, Chief Financial Officer Carl Saldanha said in a May 31 interview in Mumbai, where the nation's biggest domestic airline is based. The airliner may next month sell $500 million of overseas bonds that could be converted into stock, Saldanha said.
Overseas investors are shunning Indian stocks on concern they are expensive after four straight years of gains for the Sensex index. India's benchmark index fell 14 percent last month and Deccan Aviation Ltd., which owns India's biggest low-fare airline, could lure investors to its IPO only after cutting the sale price and extending the bidding date.
02/06/06 Netty Ismail, Anand Krishnamoorthy/Bloomberg

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