India’s newest airline Akasa Air looking to raise $75-100 mn for expansion
India’s youngest airline, Akasa Air, is planning to raise $75-100 million by offering fresh shares, The Economic Times (ET) reports. The airline is doing this to expand its business, people aware of the development were cited in the report.
Moreover, the airline also needs funds to pay for its pre-delivery commitments for aircraft. Earlier, Akasa had placed an order for 72 Boeing 737 Max; out of this, 19 aircraft have already been delivered, the report said.
To raise the money, Akasa Air has approached potential investors, which include PE firms and high net-worth individuals, the people cited above told ET. The capital will be raised, keeping the valuation of Akasa Air as a benchmark valued at $650 million.
