Akasa Air, India's newest airline, is considering raising as much as $400 million, valuing the carrier at $1 billion, two people familiar with the development said.
However, this could lead to a dilution of the stake held by the family of late billionaire investor Rakesh Jhunjhunwala, they said.
"The fundraising will be done in multiple tranches, with an increasing valuation of up to $1 billion from around $650 million now. The Jhunjhunwala family is unlikely to buy any additional shares in the planned fresh equity issuances, which may dilute their holding," one of the two people said on condition of anonymity.
The banker appointed for the process may also look for a suitable buyer for a secondary stake sale by the Jhunjhunwala family, which owns 45.97% of Akasa Air. UBS Group AG, according to the people aware of the development, has been hired to manage the fundraising plan. A spokesperson for UBS declined to comment.
The fundraising plan, to be carried out over the next 12-18 months, may involve fresh equity issuances of $75-100 million each, the first person said.
Bu hikaye Hindustan Times dergisinin September 25, 2023 sayısından alınmıştır.
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Bu hikaye Hindustan Times dergisinin September 25, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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