Jet Airways' shares rise over 4% on fund raising plans

Mumbai: Stocks of Jet Airways gained over 4 percent today as the company will seek shareholders’ approval next month to raise up to $400 million (over Rs 2,500 crore) through issue of securities on private placement basis.[caption id=“attachment_2121329” align=“alignleft” width=“380”]  On a high. Reuters[/caption] The stock jumped 4.18 percent to Rs 427 on the BSE. At the NSE, it went up by 4.32 percent to Rs 427.40. The airline plans to issue “secured and/or unsecured, listed and/or unlisted non-convertible debentures and/or subordinated debt instruments and/or other debt securities or bonds”. The overall value of these securities would be up to $400 million, according to the notice sent by the carrier to shareholders for an extraordinary general meeting to be held on 16 May. The proposed amount would be within the company’s overall borrowing limit. Meanwhile, in the broader market, the benchmark BSE Sensex was trading lower by 143 points at 27,747.13 at 1215 hours. At close, shares of Jet Airways ended 0.67 percent higher at Rs 412.60 on the BSE. During the day, it rose by 4.18 percent to Rs 427. On the NSE, the scrip was up 0.31 percent to settle at Rs 411. In terms of volume, 2.31 lakh shares of the company changed hands at the BSE and over 8 lakh shares were traded at the NSE. In the stock market, the BSE benchmark Sensex closed the day with a loss of 155.11 points at 27,735.02. PTI