Amid pilot turmoil, Akasa Air mulling raising up to $400 million

Akasa Air, the latest entrant in the Indian civil aviation sector, is considering plans to raise as much as $400 million, according to a report by Mint. This valuation puts the carrier at $1 billion.

Sources were quoted by Mint as saying that the move could lead to a dilution of the stake held by the family of the late billionaire investor Rakesh Jhunjhunwala.

The Jhunjhunwala family owns 45.97 per cent of Akasa Air. One of the sources stated that the fundraising will be executed in multiple tranches, with the valuation increasing up to $1 billion. The Jhunjhunwala family is not likely to buy any additional shares in the planned fresh equity issuances, which may dilute their holding, the source added.