Jet to raise $400mn through private equity
Mumbai: Private airline Jet Airways plans to raise $400 million (about Rs1,760 crore) through qualified institutional placements to fund its aircraft acquisition plan and is talking to several leading private equity firms for this.

The qualified institutional placements will also improve the airline's balance sheet and will raise 15 per cent of the cost of its $2.5 billion bill for 20 wide-bodied aircraft for international operations and 10 Boeing 737s for domestic operations. The rest of the bill will be funded by debt.

However the qualified institutional placement could result in a dilution of the promoters' equity by 10 per cent. The promoters currently hold 80 per cent in the airline.

Jet Airways has dropped plans for a $500 million foreign currency convertible bonds issue.

Besides its $2.5 billion acquisition programme, Jet Airways also plans to buy 10 Boeing 787-8 "Dreamliners". The biggest commercial aircraft from the Boeing family, the Dreamliner carries a listed price of $1.5 billion.

Deliveries are scheduled between July 2011 and December 2012.
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Provogue raises Rs146-cr via preference issue
Mumbai: Provogue India (Ltd) has raised Rs146.25 crore by giving preference shares to six investors at Rs450 per share. New Vernon, Blackstone, Fidelity, Genesis Capital, Artis Capital and Liberty International have bought 3.25 million shares of Provogue.

The firm had recently tied up with the UK-based Liberty International for the retail infrastructure business. Liberty had bought 25 pc of Prozone, Provogue's subsidiary for about Rs202 crore.

Provogue has also issued warrants to its promoter group at Rs450 per share to invest alongside the financial and strategic investors. India's booming economy is set to drive growth in the retail space as well. The funds from the placement of shares are expected to be used in driving growth through large-scale expansions.

Revenues from organised retail are expected to top Rs1.5 lakh crore in the next five years, a Provogue statement said. Indian developers are expected to develop over 200 million sq feet of retail space and about $20 billion is expected to pumped into the sector in the next five years.

Provogue said its retail business is growing at over 50 pc and new stores are opening at the rate of one every week.
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