Jet Airways to spend $ 1 bn for 8 aircraft; stock down

At 11:13 am, Jet Airways was quoting at Rs 384.05, down Rs 10.65, or 2.7%. It has touched an intraday high of Rs 399 and an intraday low of Rs 380.

The company is going to spend USD 1 billion for 8 aircraft in 3 years, reports Newswire18. The five Airbus 330's and three Boeing 777's will cost Jet $1 billion, which would be funded through 100 per cent debt.

Jet Airways opts for stake sale of up to 10% in an effort to bail out the bleeding airline reports Business Line.

Mr Naresh Goyal, Chairman said that stake sale might go up to 15 to 20% depending on the market conditions. The move comes in order to strengthen the balance sheet & ruled out that it is a distress sale.

It was trading with volumes of 2,779 shares. Yesterday the share closed down 4.14% or Rs 17.05 at Rs 394.70.