Friday, February 11 2005 14:27 Hrs (IST) - World Time -

Mumbai: Jet Airways (India) Ltd today (Feb 11, 2005) launched its Initial Public Offering (IPO) of 1.72 crore shares of Rs 10 each to raise upto Rs 1942.50 crore from the capital markets.

The 100 per cent book built issue will open for bids on February 18 and close on February 24.

The price band for the issue has been fixed at Rs 950 and Rs 1,125 per share.

Of the total offer, Jet Airways is making fresh issue of 1.42 crore equity shares and balance 30.21 lakh shares are an offer for sale by Tail Wings Ltd.

The combined offer constitutes 20 per cent of fully diluted post offer paid up equity capital of the company.

A part of the proceeds of IPO would be used to retire some debt of the company.

The company executive director Saroj Datta said that the brand and trademarks would be transferred to Jet Airways by Jet Enterprises.

This process of transfer would be done over six months on payment of consideration, which would be based on independent valuation by professional agency.