Jet Airways, India's second largest airline as per market share, is currently in talks with lender banks to raise as much as $180 million in loans. The airline was planning to raise $150 million, but that amount could rise by $30 million owing to demand, Reuters reported.
The Jet Airways stock was trading at Rs. 550.80 at around 9:20 a.m. on Friday, down 0.89 percent from its previous close on the Bombay Stock Exchange.
The Mumbai-based carrier saw its market share go up to 16.1 percent in May from 15.9 percent during the month of April.
Jet Airways, which is partly owned by Etihad Airways (based out of Abu Dhabi), reported its first annual profit in nine years for the quarter that ended in March 2016. The company made net profit of Rs. 397.16 against a net loss of Rs. 1,728.99 crore. During the first three months of the year, the total income from Jet Airways jumped 3.57 percent year-on-year to Rs. 5,245.28 crore when compared to Rs. 5,064.52 crore from a year ago, the Financial Express reported.
Last month, Jet airways had announced special low fares for travellers to beat what is considered to be a lean season in aviation business. The carrier has announced 20 percent discount on business and economy class on base fares on its domestic network for a limited time period.
The limited period discount offer was applicable on tickets booked between June 2 to 6 for travel between June 25 and September 30.
[1 lakh = 100,000 | 1 crore = 10 million | 100 crore = 1 billion]