Swajas Air Charters sets issue price at Rs 90/share

Swajas Air Charters, an air charter services provider, has fixed the issue price at higher end of price band of Rs 84-90 a share. The company has received Rs 35.68 crore through the issue of 39.65 lakh equity shares, by diluting 26.06% stake.

The issue, which opened for subscription during September 26-October 5, was subscribed 1.43 times.
Swajas Air had reduced the price band to Rs 84-90 from Rs 90-100 a share and extended the closing date to October 5 from September 28, 2011 as it could not get subscription in first three days.
It is a Chennai-based non-scheduled airline operator servicing a fleet of fixed-wing aircraft and helicopters across India.
Company intends to use issue proceeds for the fleet expansion; setting up of MRO/Hangar facility; purchase of office building / space; and working capital requirements.